Package Difficulty Rating is 1:easy.  Not sure why it changed to 5.

Much like ver. 3.x (http://www.itninja.com/software/adobe/adobe-air-runtime/3-3730), you can run the EXE install with switches or extract the MSI & related files.

Within the MSI, change the Property SHAREDADDINFOLDER to "C:\" to allow the creation of a transform.

To disable auto-updates, add a REG_DWORD called 'UpdateDisabled' in 'HKEY_LOCAL_MACHINE\SOFTWARE\Policies\Adobe\AIR' with a value to '1'.

To accept the EULA, create a text file called 'eulaAccepted' (no extension) in %ALLUSERSPROFILE%\Application Data\Adobe\AIR.  The file should only contain the single character '3'.