
It has the same options as when you install Total Commander, including "Program Directory".
If you choose "Program Directory" during install it works as you would expect - it puts the ini files in the program directory - even if you chose to install Total Commander in a directory other than the default directory. In may case, I chose to install Total Commander in C:\Program Files\TotalCmd instead of the default C:\totalcmd (or something similar, but it was a folder off the root).
If you choose "Program Directory" in INIRELOC it seems as if it will set the registry entries to point to the default program directory - not the actual program directory. This works fine for people who have installed Total Commander in the default directory, but will not work as expected for those of us who didn't. I think that either the wording for that choice should be changed to "Default Program Directory"; or better, it should set the registry entries to point to the actual program directory.
For anyone reading this post who has run into this problem with INIRELOC, choose "Other Location" to set the INI file location.