Change the path of the favorites folder for all users in network

I administrate a large Windows network and have a lot of problems with roaming profiles. I am therefore investigating if I can start using local profiles for my users. "My Documents" is already set up with folder redirection, so this folder will not be affected if I start using local profiles... The only folders that will be affected are the "Favorites" folder and the "Desktop" folder. It is possible to use folder redirection on the desktop but not on favorites, so I need tips on how to change the path for this folder... I want the favorites folder for all the users to move to their private user folder on the server. Then I need Internet Explorer to point to the correct path, so that the users always will be able to find their favorites (even if they are logging on to different machines..).

Does anybody have experience on doing something like this ?

Please help...