You can now set an alternate Sybase home directory using the new isql and bcp option -y.
Example 1 Sets an alternate Sybase home directory in isql:
isql -y/work/NewSybase -Uuser1 -Psecret -SMYSERVER
Example 2 Sets an alternate Sybase home directory in bcp:
bcp tempdb..T1 out T1.out -y/work/NewSybase -Uuser1 -Psecret -SMYSERVER