Hey all, will we need to download a different version when the game goes full release or is it a patch to the early access version?

It's a completely new install. The old version is useless (unless you want to replay the old version for some reason, I guess). Also, your old saves are useless in the new version. You will have to start a new game with a new character.

if you have Galaxy it will just install the release build over the top of EA so no you don't need to make a new folder