When you first set up LimeWire, you go through the Set Up Wizard which asks you what folder you want to download to (Saved Folder). I don't use LimeWire's choice. I browse to find the file that I prefer to use for downloads. By default, LimeWire also shares this folder.

I change it by going to: Tools > Options > Sharing
and click on the Saved Folder and then click Remove. (I do not share my downloads until I have checked that they are ok.)

I then click "Add" and browse through my files to choose the folder(s) that I do wish to share. (The one(s) I move my downloads to after I've verified that they work.) In my case, I have two. One is music, the other video.

If you want to change the folder that you Save to, go to: Tools > Options > Saving
and you can make any changes there. Remove the folder that was chosen and Add another.

So, yes, you can have two different folders for Saving and Sharing. You can have as many Shared folders as you wish. Just realize that it will take some time before they all show up in LimeWire's Library. They have to be "hashed". Depending on how many files you have, this can take a very long time (possibly hours).

I hope this answered your question and that it makes sense.