In the Map.Ini file, you can specify a different location for your profiles. When creating a profile with Separate Database, your creating a copy of the database in that profile, Items will be the only thing that are shared with the settings in your pic. If you have Separate Items, you are truly using a separate database with separate items from your Global. Meaning, you will need to go into the profile to update it if you have made any changes outside of items. It would be nice to have to option to share other database options as well, that way you can update from a master location.
I have also found, do not try to repath using the path tool in the profiles, set your location in the INI.