TKE actually uses .NET (it has to, it's in C#) - it's not like you'll get away with only the registry keys
It shouldn't need much in the way of updates though, you only need the following things:
XNA Framework 1.1 (2.0 will Not work, it's not backwards compatible)
.NET Framework 2.0 (3.0 may also work, but 3.5 shouldn't)
I tried it with my tools - not to include all used libraries - this decreased tools size noticably (1.5mb > 300kb) but I got too many "What do I do - I have no vclcrap.dll, can you send it to me please?".
Thing is you code in a environment not everyone expected to have

KaM Remake at: http://www.kamremake.com
Original MBWR/WR2/AFC/FVR tools at: http://krom.reveur.de