Relocating modules ought to work, as long as the files stay in accessible through @INC. That is how PPM, the module installer from ActiveState, works: the prebuilt files, including binaries, are stuffed into a .tar.gz file are de-archived into their final location, by PPM.

Another data point: CPAN modules are tested first in the place where they are built, and install merely copies them over to their final location.

I don't quite understand your question about PERL5LIB... but it definitely won't work if perl runs in taint mode. In that case PERL5LIB is simply ignored. On the other hand: yes, the same format will work regardless of where you move the module to, though I wouldn't be to sure if you move it to another machine...