Yes, use the least common denominator when you package up your program, which means, that if you want your program to run on 98, 2k, XP, Vista, 7 then you need to compile it and package it on a 98 computer.
Or, lets say you program is only targeted for 2k and above and the machine you are on is 2k pro SP2 (where you developed and compiled). So that equates to the minimum OS your program is good for.
So, to make your program work on Win 2k you need to compile it on a 2k box.
That's the easy way. You might be able to get it to work by installing the vb runtimes on the 2k box and/or by creating a seperate installable where you remove all references for your installable when you package it up.