Personally I feel it is unnecessary. Since 2007 we have kept our wp-config.php files in the WP root folder on all of our websites without any security problems.
If you do move the wp-config.php file to a Server protected directory then turn off the F-Lock check for the wp-config.php file. I think the ini_set Options code in your wp-config.php file will still work, but the ini_set Options tool itself will no longer work to add or remove ini_set Options code, the Setup Wizard will no longer be able to add ini_set Options code in your wp-config.php file. A new BPS Pro 7.8 Pro-Tool called WP Automatic Update will not be able to allow you to turn on or off WP automatic updates.
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