Orca is a Microsoft utility for modifying and validating Windows Installer packages. You can use Orca to open and modify MSI files. Orca is included in the Windows Plattform SDK or you can download Orca directly from the link above.
If you open the msi file with Orca navigate to the Custom Action Node and delete those two actions. (DIRCA_CheckFX and VSDCA_VsdLaunchConditions)
NOTE: REMEMBER, it's the "Custom action" node you will delete from, NOT any other since it will wreck your install file.
Now, Save the msi file and... Boom now your installation won't check for .net framework.. Keep in mind those of you who say "but it says it NEEDS ver 1.4 to run" Yea, but keep in mind you likely have ver 2.0 ? thats kinda better, it's just a bug!