I would highly recommend <b>NOT</b> to put your application files in the same place where labview (or the runtime) is installed. These need to e kept separate or you'll run into problems next time you upgrade labview. I would recommend a static, unique path, e.g. "c:/program files/myapp/..." Also, be aware that multiple versions of LabVIEW can exist on a single machine, and the "current version" is whatever has been used last.
Even more so with the runtime engines. All versions can coexist and most PCs here at my location have versions 5.1, 6, 6.1, and 7 installed in order to run older as well as more recently built applications. Since built applications have the diagram removed, you cannot run older builds with newer engines and the correct version needs to be available, corresponding to whatever you used to built the application. For this reason, there cannot be a "current version" for runtime engines. LabVIEW picks the single correct version, which MUST be available.
