I have Exchange 2007 on a Dell M600 blade server with Windows Server2003 R2 Standard X64 Edition SP2

The exchange server install location is E:\Program Files\Microsoft\Exchange Server. The storage groups are also located on the E: drive.
The E: drive is on our old EMC fiber connected SAN that is at (past actually) end of life/service.

We need to move both the storage groups and the install location to the F: drive that is connected to our new Equalogic iSCCI SAN so that we can decommission the old SAN.

No problem moving the storage groups, but, how can i move the install path? 

You have two options - reinstall your Exchange (for example with /recoverserver options) or switch disks:

backup disk E:, disable all Exchange services, disconnect disk e:, assign you new disk e: letter and restore all Exchange files)