If the application is an -Apple- app, moving it to another location (other than the default location in the "Applications" folder) may result in problems both in running the app, and updating it.
If the application is a "3rd party) (i.e., non-Apple) app, you can probably move it wherever you wish. Again, you might have problems when you attempt to update it.
The best way to find out, is to try it.
I'd suggest going "slow and easy" -- move an app at a time, see if it runs, move the next one, etc.