@Matt Dillon , Thanks for posting in Q&A. From your description, it seems you want to detect the app as installed when one registry key is there or one file version met. If there's any misunderstanding, feel free to let us know.
And you want to know if the custom script can accomplish this. Based on my experience, I would like to say yes. In fact, Intune agent checks the results from the script. It reads the values written by the script to the STDOUT stream, the standard error (STDERR) stream, and the exit code. If the script exits with a nonzero value, the script fails and the application detection status is not installed. If the exit code is zero and STDOUT has data, the application detection status is installed. We can see more details in the following link:
https://learn.microsoft.com/en-us/mem/intune/apps/apps-win32-add#step-4-detection-rules
So in our situation, we can set the script to exit with 0 when the registry is there or the related version of the file is there.
Here is a link with one script example for your reference:
https://www.techuisitive.com/post/intune-understanding-win32-app-detection-rules#viewer-97kh0
Note: Non-microsoft link, just for the reference.
Hope it can help.
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