There are a lot of users that only run FME workspaces. For them it would be nice if you can choose to only install the FME Quick Translator. My suggestion is to add an option to choose which FME components you want to install. In practice this would mean a full install or a light install, leaving out the FME Workbench.
I know it is possible to adjust things afterwards, like linking the *.fmw extension to the FME Quick Translator and removing the FME Workbench from the Start-menu. But that takes time and needs to be done after every install and update.