You need to enter the full path+filename for the StandAlone compiler (IsSaBld.exe) in the 'Specify the InstallShield executable filename' field on the Options tab:
http://www.visualbuild.com/Manual/in...optionstab.htm
The eval version of IS doesn't include the "InstallShield Standalone Build.msi" mentioned in the help, so we don't know what registry entries (if any) it creates to identify where IsSaBld.exe is installed at.