It happened again with 1.9.349.0 - rebooting didn't help, but if I open task manager and kill the msiexec process that is using the cpu then it seems to move the installer along. I had to do this twice and the installer completed. I checked the about screen after the finished and verified that it's build 349.
It's really not going to be related to any installer options. I recommend to restart the machine and install right after rebooting.
The FastPictureViewer installer did not change literally in years, I only change it when a new file is added, which is a very rare event and again MSI files are just data files, the installer program is in Windows.
I don't know what could cause this, try uninstalling manually before installing a new version. Adobe recommends disabling all anti-viruses when installing/uninstalling their products, you can try that too.