I had similar problem - error message "arguments are invalid" when installation got up to installing a printer. Was able to install another pdf printer prev but wanted to use Bullzip as had used it on other computers and preferred it.
Found solution viewtopic.php?f=5&t=4905
It had link to http://support.microsoft.com/?kbid=324757 and chose the fix it for me
Ran the fix it thing (did not select option reset print spooler to default)
Then ran Bullzip installation again and no probs
Thanks