Well, I suspect that the error you are recieving can be easily addressed.
However, since protected OS files might be updated by things added by Add/Remove Programs' Windows Components view, I wouldn't expect repackaging IIS to work in any clean fashion. This recommendation is documented here:
ISICE06:
http://helpnet.macrovision.com/robo/projects/installshield12helplib/ISICE06.htm"If your product requires newer versions of system components, the components must be updated on target machines by using a Microsoft service pack or a Microsoft-approved installation package that contains the system component. System components should not be repackaged."