I don't know about package the dependent modules, but if you're installing each dependent module manually (having first downloaded it) you can use the PREFIX macro to specify an alternative installation directory when generating the make script e.g. perl Makefile.PL PERFIX=path/to/some/other/dir, and then subsequently i.e. run-time, use PERL5LIB to point to that same alternative directory.

It would appear that the above installation behaviour can be emulated when using CPAN driven installation by utilising the makepl_arg CPAN config option - but never having used this option, I can't vouch for it...