Not without rewriting bunch of code.
I think the fastest "workaround" would be to include records.ini to setup.exe and let it unpack to temp folder (or let setup.exe create a new one instead). Before archive unpacking starts, use SaveStringToFile function and change "Source=" to source dir (from where you install) and "Output=" to target dir (destination of the game or whatever).
I have not looked up the code, but all needed info should be in "procedure UltraArc".
This way records.ini will be stored and read from %temp% folder instead of source folder (so it's not directly visible to the users).
The complicated way is to use ISArcExtract
Code:
if not ArcExtract(100,'Archive.arc') then break;
But for this much more code changing is needed.