No way I'd move it, certainly not without trying some sound insulation first. You can get Roxul (sp?) rock wool insulation at Lowes, and it is intended for sound insulation. Very good sound deadener. Stuff that into the cavities above the compressor unit. Double the batts if there is enough depth. If there's room, I'd also nail up a piece of OSB or drywall to the underside of the joists between the compressor and the insulation. Cover as wide of an area around the compressor with insulation and sheathing as you can. That way you will have multiple layers to damp the sound.
We have our vertical standing ClimateMaster unit in a closet in my workshop, which is really a garage bay. On the other side of the wall is our pantry closet, and then the kitchen. I can hear the compressor running from inside the pantry through an insulated wall, but it's not bad at all (not loud enough be an issue if that was a sleeping space). So I'd conclude that two layers of drywall and insulation are enough to alleviate the noise level.
Overall, one of the things I like about the geothermal the best is how quiet and inconspicuous it is. We got a ton of noise through windows of our old house from outdoor AC units, not to mention annoyance when outside on the patio. The geo unit at our new house is almost unnoticeable, especially after I installed a soft-start kit on the compressor. We don't see the lights flicker anymore when the geo unit starts up. The only way you know it's running is to hear the hallway thermostat click or feel air blowing through vents.