I moved my storage location too, and I've noticed a huge difference in overall stability of my OS. Having data on it's own partition helps a lot, especially with fragmentation. It was impossible, even with one of the best tools on the market (Perfect Disk Pro), to keep my "C" drive defragged to an accepted level. Mainly due to running multiple VM's on the partition.
That email storage folder was a PITA to keep in order. As I recall, it was a component of Windows Live that caused multiple folders to be created, and I had them too.
After trashing Windows Live, I had no more issues with folders being created.
As far as the OP's question goes, Paragon has a tool that claims to be able to enter a backup image and get what you need. It's a free version of Paragon Backup that has other functions. I downloaded it a couple of days ago and haven't installed it yet. It's called Paragon Backup & Recovery 2011 (Advanced) Free.
http://www.paragon-software.com/free/
It may be worth a shot, if everything else fails.
Cat