Sorry no, the location is locked in ~/Versions. However, you can move it to any other folder after the project has been created. But this is not recommended.
The best way is to have Versions projects in directories that are not tracked by any of the cloud tools, e.g ~/Versions.
MacOS has some restrictions in which a specific directory can be monitored properly only by a single application at a time, so Google Drive/Dropbox and Versions will have to compete for the exclusive access to the folder.
We're working on an integration in which the user will be able to decide where to push the master branch, and Google Drive is definitely on the list, among other cloud services.