I just looked thru HKLM and HKCU in the registry for ya and couldn't find anything associated with the default location.. only thing in there is "favorites" and which is what horndoc mentioned. Doesn't look like there's an easy way to make htc album open to a designated loation..
If you're looking to create a shortcut to My Pictures, Total Commander can make that very easy for ya. Using TC navigate to My Pictures and go up a folder..ex: if your My Pictures folder is located in My Documents/My Pictures, you want to be in My Documents. Now highlight(click on) my pictures, click "File"(bottom right), then select ">>>>>", and finally "create shortcut". Click on "tree", navigate to Windows/Start Menu/Programs, and hit ok to send it. There should now be a shortcut in your start menu to access My Pictures.. This is how I created a shortcut to my games located on SD.. Hope this helps