MySQL installation and data location on Windows
I do not think that the location matters rather it is a matter of personal preference, and the MySQL installer will automatically update the my.cnf file for you. 

However I would rather go with D:\mysql as the installation directory because its lowercase, has no special characters (spaces, capital letters) and is not in the Program Files directory which you may need to clean out for a new install or upgrade. 

You may also need to add the D:\mysql\bin directory to the PATH environment variable so that you can run the MySQL commands from any command prompt