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I just ran into this same problem. No idea how safe this actually is to do, but I was able to work around it by temporarily fooling the installer into thinking I had a different version of .NET 4.0 installed. I opened Process Monitor and used it to monitor everything that setup.exe was doing in order to find out how it was determining that I had a "pre-release" version of .NET 4.0.

It turns out that it looks at these two strings in the registry:

   HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\NET Framework Setup\NDP\v4\Client\Version
   HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\NET Framework Setup\NDP\v4\Full\Version

On my Windows 10 machine, these currently are both 4.6.00079. The installer doesn't seem to like this value. I temporarily replaced both of them with the string 4.0.30319 in regedit to match the value from InstallPath, and that seemed to do the trick. And of course, when I was finished, I put them back the way they originally were.

However, I did not have permission to change those values, so it was a bit tricky. I right-clicked on the Client key, chose Permissions, and clicked Advanced. Then I changed the owner to my user account instead of TrustedInstaller. This allowed me to add permissions for Full Control for myself so I could modify the Version value. I repeated the same process on the Full key. After the installer completed successfully, I put the original version values back in (4.6.00079), deleted the permissions I added for myself, and restored the owner to TrustedInstaller (to do that, type NT SERVICE\TrustedInstaller as the username).