To be able to access and edit the content of the webcontent folder and subfolders I would like to move the complete folder and content from the program files location to a shared drive location.
If the webserver/IIS is reconfigured to this new location, will the cognos environment work? Or are there other aspects I am overlooking?
I cannot recommend doing anything to alter the structure or location of the Cognos directories/folders relative to the install point. Not saying it cannot be made to work, but it is asking for trouble, and you will be re-doing it every time you put in fixpacks, upgrades, etc.
If you feel you need to edit the contents via a share, create a new one for this folder.