I am rather new to both Windows and PAR, so maybe I don't really understand what you are trying to achieve, but here are my experiments with Strawberry 5.10.1 on Windows XP (with cygwin):

In my working directory I have a script "a.pl" that looks like this:

BEGIN { unshift @INC, "." }

use strict;

print "I have: $strict::VERSION\n";
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Running it produces "I have: 1.04".

Now I make a copy of strict.pm to my local directory and change the version number to 3.45 like this:

cp c:/strawberry/perl/lib/strict.pm .
perl -i.old -pe 's/VERSION = .*/VERSION = "3.45";/' strict.pm
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Running a.pl now produces "I have 3.45" - so far so good.
Now I want to build an exe that contains my modified strict.pm but -x does not do the trick:

perl C:/strawberry/perl/bin/pp -o a.exe -x a.pl
a.exe
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This produces "I have: 1.04" so pp packed the core-lib with surprises me as I thought -x (running the script) would detect that we are picking up our modified strict.pm - so my impression is that -x does not work (or I don't understand what it should do).

However --lib seems to work fine:

perl C:/strawberry/perl/bin/pp -o a.exe  --lib=. a.pl
a.exe
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Now I get "I have: 3.45" as desired.