No, most likely you won't lose your photo's. Unless, maybe, they are stored in your Program Files folder (you didn't tell, so I don't know).
But it won't harm to make a backup copy beforehand!
Generally speaking, Program Files doesn't occupy so much space. Well, some programs (games, OpenOffice, Java) are 100+ Mb, but for most of us, it still is a relatively small part of the disc.
So, for most of us it makes more sense to move My Documents than parts of Program Files to the other drive. And it's easier also.
But, your case might be an exception to this general rule. You're the only one who knows.
Did you already use ccleaner (free download) for a good cleanup of your boot disc?
I need to create space on my boot disc, and want to move some installations to the slave disc. I read one thread which suggests it is better to delete the installation from the boot and reinstal it on the slave. If I do that with my Kodak EasyShare, will I lose all my photos? What do you advise me to do?