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The only way to do that in v7 would be to copy NETFX 4.0 Tools\gacutil.exe into a folder named bin (i.e., NETFX 4.0 Tools\bin\gacutil.exe) and create/update the DOTNETSDK_DIR temp/global macro to point to the NETFX 4.0 Tools folder. See the GAC Install action in the offline help for more details.
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