Hi,
This is just a "data point" for anyone encountering "Error: 1627" when running an installer on a target.
This knowledgebase article suggests rebuilding the entire Project, for me it wasn't necessary.
For me it was sufficient to re-create the specific Build Specification.
Before re-creating the Build Specification, I tried simplifying it until only an installation folder was being created with minimal contents. At that point, running the installer caused a different error: "TARGETDIR is undefined".
Completely re-creating the specification from scratch solved the problem.
Hope it helps!
Development Station:
LV2011 SP1 (32-bit)
Windows 7/64-bit
Target: Win7/64-bit (SP1).