After the update you will have to install MC again, that is all. It will not change the way the MBLD update.
However you can move files around via shell commands like mv if you do not want to install anything on the drive.
http://linux.about.com/library/cmd/blcmdl1_mv.htm
If you will have issues with ownership of the files after you move them to another share you can also change the permissions and/or owner (chmod/chown).
