It seems that it is not possible to sync a folder outside the main Insync folder between two computers. At least with Mac OS (Yosemite). The proposed solution definitely does not work.
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I add the X folder to Insync using “Add to Insync” on computer A, and wait for sync to complete
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On computer B, after a while I find the X folder within the Insync folder
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On computer B, I quit the Insync app, move the X folder away from the Insync folder, make an alias to the moved X folder and put it within the Insync folder, where it originated, with the same name, then start the app again
What happens is that the original X folder is moved to the Google Drive trash, another (empty) folder with the same name is created in Google Drive and synced back to computer A. Lost all files (although they are still in the Google Drive trash, but need to be synced again on both computers).
Definitely not a solution.