Moving server Share Points to a new drive in Mac OS X Server 10.8
Its still possible, see OS X Server: Changing the service data storage location
:

In OS X Server (Mountain Lion) and Lion Server v10.7.2 or later, you can store service data in a location other than your startup volume.
To change the service data storage volume:

Open Server app, and connect to the desired server.
Select the name of the server in the column on the left under the heading Server (on OS X Mountain Lion) or Hardware (on OS X Lion).
Click the Settings tab.
Click the Edit… button on the &quot;Service Data&quot; line.
Select a volume.