There's no API to do this, but I see that some people have reported succesfully changing the pagefile settings by editing the registry values at
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\Session Manager\Memory Management\PagingFiles
You'll see that this key includes the name of the paging file(s) on each drive, and the max/min sizes if specificed. The format is fairly self-explanatory.
You have to reboot the PC after doing that. You shouldn't need to create any paging files yourself since they'll be created at boot time.
I'd advise extreme caution if you try this. One thing to take care of will be to check that there is space on the drive you've chosen.
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