There's an article with source and binaries at codeproject where somebody wrote an enhanced version of regsvr32 and he called it RegSvrEx. It allows you to register any dll into HKCU instead of HKLM(HKCR). This will work even if the dll is hardcoded to use HKLM.
It's basically done by using all the standard APIs that regsvr32 uses but it includes an API call named RegOverridePredefKey that will redirect all reg entries from one key to another key.
As Shawn astutely points out, this API call is only available on Win2K and later, so no NT4.
[ 11. September 2003, 23:38: Message edited by: Stevie ]
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Stevie