SSIS 2008 config file

I store config file for my SSIS package @ C:\Projects\SsisConfigFiles\MyData.dtsConfig on my dev. machine.

I opened my SSIS package in notepad and found the following line:
<DTS:Property DTS:Name="ConfigurationString">C:\Projects\SsisConfigFiles\LoadPersonData.dtsConfig</DTS:Property>

I assume SSIS stores here the path/name of the config file and property  DTS:Name="ConfigurationString" is used.

Am I correct? If so can  I edit this path in notepad when config file location on production  server is different??

Is there a way to edit config file location in BIDS??

I cannot re-create production location on my dev. machine - I do not have drive E:\  on my dev. machine.

Thanks