I know this is an old post, but I wanted to reply here for others who are still searching for this obscure information. The serveradmin command to redirect the updates works on Mavericks Server, but you have to include the Data folder, or the setting will continue to show the default /Library/Server location. Thus:
sudo serveradmin settings swupdate:updatesDocRoot = "/Volumes/Data/SWUS/Data"
will return the new path. ... At least that's how it worked for me. Until I added the Data folder at the end of the command, I got the same results as MrHoffman, that is, the default path.
If you use Server.app to change the volume for the service data storage, it will move everything out of /Library/Server to the new location -- in other words, all the services, not just Software Update.