Idiot-proof wordpress/blacknight help, please

Right, watch me ask some basic questions that I really should just give the (presumably short) time required to figuring out on my own.

Blog (empty, don't get too excited folks, the webspace will be worth less when there's something in there) is hosted with Blacknight. Using Wordpress, about which I know pretty much nothing.

By default the wordpress directory appears to be <sitename>/wordpress and I guess that's fine (unless there's some reason someone can give me for why I'd want to change that. Is there?).

The blog address is also <sitename>/wordpress, which isn't really what I'm after, oddly enough.

I'm aware of the settings in the Options-General settings. To change the blog address to the root, is it just a matter of changing this to <sitename>? Any wacky disadvantages of doing this? (I suppose I could just have the directory as /blog)

Is there anything else dumb I should have asked?

See, told you it'd be basic stuff that I should just look up but I'm an incredibly lazy person at times. Thanks in advance etc.