I would strongly recommend that you do not rely on the home screen for any kind of file management. It's meant to be a convenience for quick access to files you're currently working on, nothing more.
The home screen is not a live file browser. It only contains static links to locations on disk. If files are moved or deleted, the home screen will not register that fact. It will still point to the same, but now empty, place.
The Lightroom catalog is where you manage your files, or alternatively Bridge if you prefer that. Or both.
Make a sensible folder structure on disk so that you can find your files in the operating system file browser too (Windows Explorer, Mac Finder). The File > Open dialog in Photoshop is based on this (it's an operating system-generated dialog).
I understand all you say, but the issue I have is that I have moved all LR folders to a newly installed hard drive and the link in PS would make it simple to select from the LR folder e.g. for montages etc. that would then be saved to any location i choose. My usual workflow for a single shot is to : Edit in LR > send to PS for further editing > return to LR.
I am sure there must be somewhere i can point the link in PS to find my new LR location.