MSI + MSP + Acrobat DC Customization Wizard = No bueno

I've been banging my head on this problem for a few days now, and can't seem to find a resolution.  I'm moderately familiar with packaging and scripting installs, so there is a possibility my issue lies with my understanding of patching MSI files with MSP's.

I'm trying to create a custom installation of Acrobat Reader DC 2017 using the Acrobat Customization Wizard DC.  The downloads I'm starting off with are:

AcroRdrDC1701220093_en_US.exe
Which contains:

     abcpy.ini

     AcroRdrDCUpd1701220093.msp

     AcroRead.msi

     Data1.cab

     list.txt

     setup.exe

     setup.ini

CustWiz1502020039_en_US_DC.exe

Step 1:  Extract files from AcroRdrDC1701220093_en_US.exe using 7zip to a folder called Reader

Step 2:  Install Acrobat Customization Wizard DC

Step 3:  Launch ACW, load AcroRead.msi from Reader folder

Step 4:  Modify the settings, including a few custom HKLM and HKCU registry keys I got from here:

                    Services integration

Step 5:  Save transform file as "AcroRead.mst" to the Reader folder

Step 6:  From a virtual machine, run the installation files like this:

                    msiexec -i AcroRead.msi TRANSFORMS=AcroRead.mst /quiet

Step 7:  Launch Acrobat Reader DC

What I found was some of the settings in the ACW did not propagate to the installation .  Mostly, none of the custom HKCU settings replicated to the user's registry.  I found a bug report with Acrobat Reader DC 2015 where the registry keys weren't migrating over properly at launch of Reader

                    [Acrobat Reader DC] HKCU registry keys are not replicated for each user as for Adobe Reader

Supposedly a fix was released in the 2017 branch of Reader.

What I discovered above is that in step 2, I was creating a transform file using the 2015 version of Acrobat Reader DC, but using the 2017 version of the ACW.  This might have been where some of my problems were coming from, so my next goal was to patch the MSI using the AcroRdrDCUpd1701220093.msp, and then re-create the transform file from scratch.  This is where I'm getting a little lost.

I read that an 'Administrative Installation' needs to be created, and then patched.  So I ran the command msiexec /a acroread.msi /p AcroRdrDCUpd1701220093.msp and then installed to a different folder called "Administrative Installations\Adobe Reader DC".  I then ran msiexec -i acroread.msi TRANSFORMS=acroread.mst /quiet from the original READER folder (because the MSI seems to have been updated) and I get all sorts of missing files errors.

All I'm trying to do is configure a transform file from the latest version of Acrobat Reader DC (2017) and then install the package, including the transform, to a virtual workstation for testing.  Can someone point out what I'm doing wrong?  Tnx.