If you go to the properties of the project, you can choose to store the ism file in an XML format. (It sounds like your project is already configured this way.) If this is the case, the structure of the XML file is easy enough to figure out.
InstallShield projects (.ISM) are stored in XML format ( DTD ) or Windows Installer Binary Format ( really an MSI just spelled backwards and the schema is in a precompiled format ) so it's not impossible to create some automation to update these files without having a single dependency on InstallShield.
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