I believe what you are asking is if the Settings Window can be "modeless", meaning you can access the Settings Window or the Game Window while both are open. Unfortunately the answer is no - the Settings Window must be "modal", meaning you cannot access its parent window (the Game Window) while the Settings Window is open. I would have preferred it to be modeless, but unfortunately the GUI framework wouldn't allow it.
You *can* move the Game Window without closing the Settings Window, by using the "Extended Display" feature on the Preferences tab.