Yes and yes.

All you need to do is delete the registry value "License Key", in the registry--not just the data for the value but the value itself.

You can do anything with the SDK in runtime mode that runtime mode allows.  So you can import, delete, activate, reset but not create, capture and so on.  I think there's a chart running around here somewhere (it might be in the KB) that shows what you can and cannot do in runtime mode.

So hopefully I can avoid Wise Installation Studio altogether and roll my own solution using the SDK. Now, I guess there are three steps that I need to accomplish for this to work:

1. Install the Virtualization Agent in Runtime Mode
2. Convert the layers that I built with the SWV 6.1 Admin from VSA to VRA
3. Write a small tool that is tailored to my use case for activating/deactivating those layers

 If I understand you correctly, I can achieve step 1 by running the regular SWV 6.1 installer and removing the registry entry you mentioned afterwards. From what I've seen of the SDK documentation, step 3 shouldn't be too difficult either. All that's left is a method to convert VSA to VRA layers. As far as I can see, SWV 6.1 doesn't offer that feature. At least not in the admin GUI. Or did I just overlook it?

 Thanks for your reply. The project got put on hold for now and I forgot to check for answers on this thread. Changing those flags seems to be the information I was missing. I already found your articles on the Virtualization SDK and found them very helpful. So I'll mark your answer as solution, though I haven't actually tried it (yet). :)