Personally I would skip those two items. You know what you have, and you don't know what you get. And the install might undo some settings you already made or changed. You never know with installs.
If there's a later version on the CD, you can consider to upgrade, of course.
The software cd that came with my new camera contains two items already running on my PC.
My question is would it be wise to install the complete CD or would it be better to do custom install and bypass those two items?
The two items are Quicktime which came factory installed and PhotoRecord 2.2 which installed with printer software.