well,when youre installing at a certain step t shows the path (c:/program files/mount and blade) by default so just change it to c:/program files/mount and blade 1.003
It doesnt matter what you name it or where you place it,it just comes in handy to know where to find it so you dont have to use the search option.
really easy would be on desktop but then youll have to make a new folder otherwise it wil spam your desktop.
1.make a new folder on desktop named lets say... MB
2.start installing
3.when the path is showed click browse and go to your file you just made install it in there and its done.
if you need several shortcuts just make a new shortcut,name it something easy to remember(so you know wich version) like mb1.003 or mb1.010
then go to the folder you installed it in(if you followed the desktop tip search in desktop)
and finnish the shortcut.
i hope this was helpfull.