Hi Tom,
Either of your solutions can work. The former (reinstalling) will be the easiest and most likely be the best solution. It's also a good excuse to upgrade to the newest version
The latter can work, but you'll have to manually update settings, while the above does it automatically for you.
A third solution is to keep it where it is and do some .htaccess magic to point to the right place. I've done this before but I really wouldn't recommend it. Very finicky. Probably a tad slower too.
Good luck!
@scottborys