Donīt you know the Program called "Advanced Installer" ? Heres a link
http://www.advancedinstaller.com/ Its very easy to use, but you canīt compress your data as good as with Inno + FreeArc + precomp. You have to use the Included Compressors (Cab, LZMA2) or the setup wonīt work.
But to build your Setup you have to click here,there,set a command and thats all. With a little exercise you have your new Installer in 20-30 minutes.