Not being a regular user of networked Monarch (I assume you are using a network rather than individual users on a network) I'm working from memory here but I seem to recall that a central common depository had been created on a system I used for a few days a couple of years ago.
I assume that this was achieved using the user login profile when the accounts were set up. As I recall the installation was using a named user licence option.
One option is simply to set the options for each user by browsing to the central folder and set the option. Presumably you may want to force the option of storing only at the central folder?
I can think of a few potential issues with doing that along with the admin benefits. However without knowing your precise operational needs I don't think I could make any specific and useful observations either way.
A few of the regulars are network installed but they seem to have been thin on the ground recently.
Is there nothing in the installation documentation to provide guidance?