I was doing this for some time:

$oem$\Prog$\Symantec\Liveupdate\Settings.Merge.LiveUpdate
Quote
PREFERENCES\CORPORATE_MODE=YES
PREFERENCES\ALL TRANSPORTS AVAILABLE=YES
$oem$\Prog$\Symantec\Liveupdate\Settings.Host.LiveUpdate
Quote
HOSTS\0\ACCESS=D:\Av\LiveUpdate
HOSTS\0\ACCESS2=D:\Av\LiveUpdate
HOSTS\0\IS_SYMANTEC=NO
HOSTS\0\NAME=Buscando actualizaciones en unidad de CD-ROM D:...
HOSTS\0\LOGIN=nologinrequired
HOSTS\0\PASSWORD=nopassword
HOSTS\0\SUBNET=0.0.0.0
HOSTS\0\SUBNETMASK=0.0.0.0
HOSTS\0\TYPE=LAN
HOSTS\1\ACCESS=E:\Av\LiveUpdate
HOSTS\1\ACCESS2=E:\Av\LiveUpdate
HOSTS\1\IS_SYMANTEC=NO
HOSTS\1\NAME=Buscando actualizaciones en unidad de CD-ROM E:...
HOSTS\1\LOGIN=nologinrequired
HOSTS\1\PASSWORD=nopassword
HOSTS\1\SUBNET=0.0.0.0
HOSTS\1\SUBNETMASK=0.0.0.0
HOSTS\1\TYPE=LAN
HOSTS\2\ACCESS=liveupdate.symantecliveupdate.com
HOSTS\2\ACCESS2=http://liveupdate.symantecliveupdate.com
HOSTS\2\IS_SYMANTEC:ENC=N%9-U,&[>@M
HOSTS\2\LOGIN:ENC=YBR#A%5\(CI
HOSTS\2\NAME=liveupdate.symantecliveupdate.com
HOSTS\2\PASSWORD:ENC=YBR#A%5\(CI
HOSTS\2\SUBNET=0.0.0.0
HOSTS\2\SUBNETMASK=0.0.0.0
HOSTS\2\TYPE=HTTP
HOSTS\3\ACCESS=liveupdate.symantec.com
HOSTS\3\ACCESS2=http://liveupdate.symantec.com
HOSTS\3\IS_SYMANTEC:ENC=N%9-U,&[>@M
HOSTS\3\LOGIN:ENC=YBR#A%5\(CI
HOSTS\3\NAME=liveupdate.symantec.com
HOSTS\3\PASSWORD:ENC=YBR#A%5\(CI
HOSTS\3\SUBNET=0.0.0.0
HOSTS\3\SUBNETMASK=0.0.0.0
HOSTS\3\TYPE=HTTP
HOSTS\4\ACCESS=update.symantec.com/opt/content/onramp
HOSTS\4\ACCESS2=ftp://update.symantec.com/opt/content/onramp
HOSTS\4\IS_SYMANTEC:ENC=N%9-U,&[>@M
HOSTS\4\LOGIN:ENC=V!0QDU7."^$C(%+!24M?+A
HOSTS\4\NAME=update.symantec.com
HOSTS\4\PASSWORD:ENC=L"`';1^I=[DC(%+!24M?+A
HOSTS\4\SUBNET=0.0.0.0
HOSTS\4\SUBNETMASK=0.0.0.0
HOSTS\4\TYPE=FTP
HOSTS\NUM_HOSTS=5
These settings merge at first Liveupdate run into:
"c:\Documents and Settings\All Users\Datos de programa\Symantec\LiveUpdate\Settings.LiveUpdate"
So Liveupdate scan CD for virus def. an other stuff. In facts download:
livetri.zip
symtri.zip
And scan for needed stuff.
I use Liveupdate Administration to keep track of updates, but its 120 Mb of downloads actually, because I used for all Symantec producs.
To slim down the needed updates I peek at:
"c:\Documents and Settings\All Users\Datos de programa\Symantec\LiveUpdate\Log.LiveUpdate"
There is where all the Liveupdate process is logged. So you must first download the requires files to put in the cd:
livetri.zip
symtri.zip
With these files in the "Host file" path, launch Liveupdate: It will recognize the needed updates but fail to download them. But you will get the errors in the log file:
Quote
22/08/04, 00:10:57 a.m. GMT -> Progress Update: DOWNLOAD_FILE_FINISH: - ERROR! - URL: "D:\Instalar\Aplicaciones\Nav2002\LiveUpdate\ennfullb.x86", Full Download Path: "C:\WINDOWS\All Users\Datos de programa\Symantec\LiveUpdate\Downloads\ennfullb.x86" HR: 0x802A0033
22/08/04, 00:10:57 a.m. GMT -> HR 0x802A0033 DECODE: E_CANT_CREATE_FILE
The paths in the example abobe may differ from the host file presented before (should be the same) because is really a log for a NAV2002 update, but you get the idea:
"The files marked with ERROR! should be downloaded from the symantec server"
So for the example abobe you may also download:
http://liveupdate.sy...om/ennfullb.x86
(between other files)
The full update process may require you restart and launch Liveupdate again to get all the updates, so you must repeat the "LiveUpdate Error->Log peek->Download->LiveUpdate Success-Restart"

I personally switch to Liveupdate Administration (hacked*) because is easier to mantain the updates.
Nilfred -)
*The hack consist in a read only and modified products.xml to add the files I need which are not dowloaded by itself.