I'm not sure what you want, so I'll ask you some more questions.
Do you want to be able to have MORE than one area to store data? Or just one?
Do you already have a working database instance somewhere on the machine you'd like to keep?
If the answer to both of these questions is no, then the fix is pretty easy. Log in as root, 'su - postgres' and 'echo $PGDATA'
If PGDATA is set and returns something like /db/data then you're nealy done. If not, then edit your .bash_profile file and add a line like this:
PGDATA=/db/data
Of course, change the path to your path...
Also, in the .bash_profile, edit the export line to add PGDATA to the end of it.
i.e. this:
export BASH_ENV PATH
becomes this:
export BASH_ENV PATH PGDATA
then exit out of the postgres account and then 'su - postgres' again to make the changes take effect.
Finally, (assuming there's nothing in your $PGDATA directory) run initdb as postgres, and your database should be ready for 'pg_ctl start' or the postgres script in the /etc/rc.d/init.d directory.