How does one hide the HFSLIP entries from the available "Windows components" and the "currently installed programs" (as found under the "Add or Remove Programs" dialog)?

P.S. Why do these entries exist and what would happen if one would actually removed the HFSLIP component and/or uninstalled the HFSLIP "program"?

They are meant as means to easilly verify if the slipstreaming worked correctly...

To remove the one from 'add/remove programs', then add this to your regtweaks file(or copy/paste it into a *.reg file and place it into HFGUIRUNONCE) :

(Or use reg.exe to do it in a bacthfile...)

This is also simply what's done when selecting to uninstall that entry...

Sorry, i don't know about the other one...