>>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...
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>From my experience, this is normal.

Repeating my earier post, I have numerous components running in MTS and I don't have to delete/reinstall them when I make a change. After a change is made, the component has to be refreshed (right click menu on the machine containing the component in the MTS console/Refresh All Components) then execute the package client setup executable on the workstation where the rebuild took place to restore the remote registry settings. Works for me.