My support session ended with the tech telling me to this commands in the following order:
1- SSH to the host
2- rm /productLocker -rf
3- esxcli system settings advanced set -o /UserVars/ProductLockerLocation -s <vmtoolpath>
4- ln -s <vmtoolpath> /productLocker
5- /sbin/auto-backup.sh (to keep settings after reboot)
I haven't gotten a chance to verify if the value holds after updates as all out hosts are up to date. I did see there were some updates today, but I'll have to wait until our next patch cycle to test