You can basically do whatever you want with installshield, however there are ALWAYS gotchas. Do not ever take an install as anything less than a development in itself and test it as such. I like the product for its power, however the learning curve when you get outside the box sometimes is steep.
I highly recommend consulting the orangebrain site. They have what I think is the only decent if not only aftermarket book on using installshield effectively.
Also the newsgroups for it are extremely good, not as good as here, but they strive for it. The tech support is less than adequate. Thats just a personal opinion, though.

http://www.orangebrain.com

I do use install shield for fast executables that install themselves when I need a quick fix to a problem for many users. ie.. Removing remnants of virus code in the registry, checking and forcing the proper version of dll's after users have installed games, undoing the problems users cause themselves when they delete directories instead of uninstalling.

The free versions of installshield don't do a third of what the pro versions can do.

I have used Wise but not in many years so I cant comment, though it always seemed like the capable but less expensive little brother.

Best of luck!

Tom Avery (Canucks lost tonight 4-3) :(