hmmmm...it shouldn't be a problem, AFAIK.
You could try searching your PC to see if that file already exists. Does the installer hang truly, or will it continue / give a message if you let it go for a few seconds?
Other than that, the help for that control DOES mention OLEAUT32.DLL & OLEPRO32.DLL as being potential problems, but the VB runtime package should contain the right versions of those (the file comes from MS, I didn't create it).
Failing all of that, let me know and I could put together an installer that doesn't try & register that control, in case that gets around it. The program may then crash, however, but it might point us to the full issue.