Develop a command-line program that creates a splash-screen launcher for launching a larger program.

I'll call the command-line program the "generator" and the program that it generates: the "launcher".
The Generator command line params are:
t:{tag} max:{maxsecs} min:{minsecs} n:{exe_name} i:{imagefile} a:{app} r:{registration}
behaviour of resulting executable the Launcher (named as in {exe_name}):
1. Show the image screen-centered. Image {imagefile} will be a .bmp file and it should be embedded within the launcher.
2. Lauch the program file {app} (if it is .exe, .com, .scr then launch it as an executable. If it is something else, launch the default program for its file-type, specifying the file to be opened). {app} file does not need to be present while running the generator. If any pathname is given for the {app}, it must be treated as relative to the folder containing the launcher. Any command-line parameters given to the launcher must be passed on to the app.
3. Wait at least {minsecs} seconds before closing
4. Close if {maxsecs} seconds have elapsed
5. Between minsecs and maxsecs, close if another process starts with a task-imagename containing the text in {tag} (case-blind comparison).

The generator's optional {registration} parameter is a string which is a hashed (one-way encrypted) representation of the {exe_name}. If this
is not present or is invalid and has not previously been stored, the generator adds expands the bitmap by adding a mini-banner at the bottom. A range of mini-banners will be provided of varying sizes which must be embedded in the generator's .exe file so that they can't be easily replaced. If a valid {registration} is given, the registration is stored in a file in the same folder as the generator program named as the {exe_name} but with .reg file-type.

Generator error messages:
1. Usage message if no parameters supplied
2. "Not enough information given: must have at least one of T:{tag} or max:{maxsecs}"
3. "Invalid image file"
4. "Not enough information given: must have an image file specified"
5. "Not enough information given: You must specify the name of the program to be launched a:{app}

Generator runs in command-mode only. It has no window. No help file. Text interface only.

Launcher error messages: None. Launcher has no user-interface - only the capabilities to display the image, probe the application windows and do timing.
Environment: Windows XP and later, 32-bit.
Programming language: preferably C++
I expect the launcher to be about 20-40K plus the size of the bitmap.
Deliverables: Compiled program and all source

If you bid for this, please state what will be the most challenging aspect of this task and why. Thanks.