I got your point.

MM now comes with two different options (see my signature):
a) Normal (via installer)
b) Portable (.zip archive)

So:
1a and 1b) Brand name is changed . RA Mod Manager is a Random Acronym Mod Manager (Really Awesome for example, but not yet).
2a and 3a) MM can be installed anywhere. It not need to be installed in HoMM directory.
2b and 3b) Should be placed in <HoMM3>\Tools\<Mod Manager> directory. Don't need to be installed.

Also, there is design difference between installer and portable versions:
a) Can work with any game directory, settings saved in system.
b) Can work only with game where it placed, settings saved in program directory. Updates should be unpacked by user manually.

Of course, this should be placed near program download links .