BK:
Thank you for your question regarding Repackager. I don't quite understand what you mean by a "keyed version" of PhotoShop. But perhaps a little information about Repackager will help you with this.
Repackager, via the Repackaging Wizard, basically compares your system before and after an installation, and creates packages based on the differences on the machine. It will see photoshop.exe (and all it's supporting files) being installed to the hard drive, and add those files to an MSI package. It will add registry info, shortcuts, etc. as the changes are made.
So, if a "keyed version" is installed to the hard drive, then the MSI package will contain the same file.
I guess the best thing I can recommend here is that you try it and see how it works. Start Repackager, then select Repackager Wizard from the Tools menu. Press Next from the opening dialog, then select "Installation Monitoring" from the next screen. The Wizard will then ask for the setup program and information which you want to go into the package. Press Next again, and give the location for the repackaged files to go, then press Start and then follow the setup program for PhotoShop. The rest should take care of itself.
I hope this helps to get you started. Thank you for your interest in AdminStudio, and please let us know if you have any questions.