>It seems my COM component doesn't run in MTS after I update the component that was previously installed in MTS. Thus, I have to delete the component in the MTS package and reinstall it whenever I update the components. Is this a normal way of updating components running in MTS or am I missing something obvious? I'm not regenerating the component ID so...

Rerun the MTS package client setup executable for your component. When you recompile the component on your workstation, it rewrites the registry entries. Rerunning the MTS client setup restores the remote pathing.