Yes, you will get errors if you try to compile that script without the folders it references. Just open it in notepad to have a look at the script. It should be mostly self explanatory.
Clickteam? Yes, Karnak, Pestalence and Chris Jones have used it and it works fine. I have not used it myself as the free version is limited, so I went directly to NSIS.
Glad to hear your're working on a new version, sounds cool!
Let me know if you get stuck creating an installer yourself, if so, I can do up a new one for you once you post the files needed. Just give me about a week's warning.
Don't worry about all the rules if you want to participate on other servers. To be honest I ignore most of them myself..
You know what they say about rules... Seriously though, if you're on teamspeak the other guys will help out, you need only ask.