You can, check this link out - (MOD) How to install Windows Stores apps on sd card - xda-developers
The worst part is installing applications to an SD Card was one of Windows Mobile's features that was dropped with the transition, if you can call it that, to Windows Phone. They know how to make this work.And to the unknowing, could break things.
It would have been easier to just select the location of the application during install, just like what Adnroid does.
I would leave the install apps where they are and just load up the additional SD card with personal media files. There's really no need to change where the apps are installed to.