Good morning (well it is, here),
 No sorry, there's no custom install in Creator 2012. It's kitchen sink time, and you'll get these programs
It is possible to fiddle the list a little bit using the command line when installing, but that's very fiddly!!
 There are no updates or service packs. You are offered the chance to check for updates at install time, and if you check that box you'll get an updated version of setup.exe downloaded and run.
However it didn't seem to make any difference to my installs if I didn't get the updated Setup.exe
Please be aware that Setup will offer to install Chrome, so be ready to uncheck the Chrome boxes.
 Creator 2012 installs version 220.127.116.11 of the Px Engine, so there you should not downgrade to 4.18.16a. If you know your SATA optical drives are detected you must have already installed Creator 2012, so if you go to Help > About this software and scroll down some, you'll see which version of each of the modules you have.
I think that's everything. Any other questions I can help with?