Since the output tab/window says:

System Image.vcxproj -> C:\Users\Jim\Documents\Visual Studio 2010\Projects\test\Release\System Image.exe

It seems maybe this setting resides inside a .vcxproj file or something?

I somehow found a way to pull up an applet of macros. In there:

$(Outputdir) - both point to the old C:\Users\Jim\documents\visual studio 2010\Projects
$(Outputpath)