setting the Application Root Directory for that component to point to a directory where you have two files: application.manifest and application.config. The manifest can be as simple as:
<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<assembly xmlns="urn:schemas-microsoft-com:asm.v1" manifestVersion="1.0">
The application.config will be your normal app config where you can put your specific settings for your component
works like a charm.