Requires VCRedist 2005 (original installer takes care of this automatically).
Original installer uses NSIS. Can be silently deployed with /S switch. Makes a temp folder during installation in C:\amistemp.
No automatic update functionality or other default settings that needs to be changed as far as i can see.
Full repackaging is recommended.
For more command line options, see; http://nsis.sourceforge.net/Docs/Chapter3.html#3.2