NO! That is the default directory for MEMO and cannot be changed. That is also the default directory for APPT, PHONE, HP CALC, and COMM.
To override the default, you can create a user key macro to type in a different directory at the touch of a <CHAR>-F-key combination. Instructions for creating user key macros are found in the HP 95LX User Guide on pages 21-14 through 21-20. (Also see MEMO Quick Tip, page 23, Fall 1991 issue, The HP Palmtop Paper.)
Lotus 1-2-3 will support a change in default directory. From within Lotus press <MENU> Worksheet Global Default Directory and then enter the desired default directory.