I believe the question was more about distributing a core perl installation (though in some sense that's what the solutions you're proposing are too). If I understand correctly it kind of depends whether or not you can do that. For example, I don't think you can just redistribute ActivePerl, but with other builds (including your own) you usually can.
My reading of the OP's question led me to believe that he was lookig precisely at the sort of packaging that PerlApp, perl2exe or PAR produce. I have tried PAR and perl2exe, but settled on PerlApp because to be honest I find the entire Komodo-Pro package rather nice. As of right now I think we have around 2000 users running one of our products which is a Perl/Tk app.
ActiveState's licence is pretty good and I have taken the liberty of including it here:
So basically, you are limited in what you can do about distributing the entire package, but you can use parts of the package when distributing an application processed by a wrapping tool.