@Jiaz: I've attached a screencapture below to highlight the issue.
Code:
**External links are only visible to Support Staff**
As you can see the download path cannot be changed through the settings page. Setting a new folder path has no effect on the old files and even new files get added to the old path on copying the urls.
Now, the only way I can change the download path is by right-clicking the linkgrabber package and setting a new path from there.