Install it all then dust off IE7.
Be sure to research this on google as I know I read about it. It's really a non-issue but there are some that will want to tailor their install.
If you want, why not make your own custom XP install with the following tools you can find on google?
The tools (name only so you can find them):
HOW TO SLIPSTREAM WINDOWS XP
as the title states.... can this be done?