There's been a lot of side talk about spawning close together and near high development provinces, and while that's all good, no one's focused on the actual cost of moving the capital.
To answer the OP's question:
TLDR: You can move your capital once to a development friendly province, preferably later when you have a large reduction modifier. After that's it's probably not worth it. There are two times it's worth it to move your capital - A forced capital move (e.g. country formation) or if you haven't spawned there once before and hence have a cheap movement cost.
Long version:
The problem is, if you spawn once in your capital, it'll have a minimum development of 35 (assuming 3-7 starting development). Assuming you move to a 15 dev or less province, it'll cost 700 ADM. At most, you'd develop 32 times (3 to 35 dev) to spawn an institution. With the max capital bonus (-50%, additive) you save 25 MP per click (0.5*50 MP base). Because it's additive, it doesn't really matter what other bonuses/penalties there are. (You can always spawn in a province with favorable modifiers without the cost of moving your capital there and get the same savings)
Developing 32 times gives a total MP savings of 800 (25*32) developing. In this best case scenario, (max capital bonus, moving from 35 to 3 dev), you save 100 total MP..... But that's not counting the fact that a 3 dev province requires and additional 200 MP to spawn (vs a 7 dev province). You're also spending ADM to move when you could be spending DIP and MIL to develop, which isn't worth it unless your ruler is 6/1/1.
That potential bonus is 0 at a 35->7 dev move, and negative for more developed provinces. The 700 ADM cost for moving doesn't decrease till you're below a 20 dev difference (35 to 15) . At that point, you'll spend 700 ADM to move but only save 575 MP developing, for a net loss of 125 MP.
There might be combinations at edge cases that work out, but I doubt it. The more developed a province you move to (to save in the movement cost), the fewer times you need to develop, reducing your development savings.