SQL 2008 help says you can:
In SQL Server 2008, the default location of the Resource database is <drive>:\Program Files\Microsoft SQL Server\MSSQL10.<instance_name>\Binn\. The database can be moved; however, we recommend against moving it for two reasons:
Applying SQL Server service packs and hotfixes restores the database to the \Binn location.
Moving the Resource database in a failover cluster environment to a nonclustered location will cause failover cluster failure.
To move the Resource database, follow these steps.
which, I guess is superceded by the KB mentioned above.