Updating my post after further tests:
Note:
fpcupdeluxe also listed FPC 3.2.4 but that has not been released yet AFAIK so I did not select that version...
How does this work?
Can fpcupdeluxe install future versions of Lazarus??
Some more Questions and observations:
1. OnLine Packlage Manager?
Why is this missing?
Seems strange since it is always part of the Lazarus sources otherwise. 
I found it....
For some reason it has been removed by fpcupdeluxe as a default package, but it is possible to manually install using a button on tab "Modules"
2. Where to put custom packages?
Also I usually check out a set of custom packages from our own SVN server into the pcp dir so it is kept with that version similar to what OnLine Package Manager does.
Will this not work here?
After I found OnlinePackageManager and used it I could see that it put its stuff into the pcp dir so I did the same with our custom packages
3. Adding older versions of Lazarus/Fpc?
Where will a new install of an older version set be located if installed with fpcupdeluxe?
Say I would like Lazarus 2.0.12 + Fpc 3.0.4 as a second installation without mixing together with the one I just did, how is that accomplished?
I have noted that fpcupdeluxe did not create a sub-directory below the top level install path for the install I did just now.
So do I understand it such that the path entered in the top left box as "Install path" has to be set by oneself to a unique name to indicate which version it contains?
I expected it to use the install path as a top level dir below which it would create a suitably named sub-directory to place the new install.
But it does not, so one has to define a new install path for each version to be installed.
I repeated the install with such an extended install path.
4. Rename install path?
Given the above, can I now rename the install directory to a suitable name after the install has completed?
5. Uninstall the newly installed Lazarus/Fpc?
How do I properly go about uninstalling what fpcupdeluxe has installed since I got the directory named wrong?
This is
still a remaining issue, what about an uninstall function, which would remove the install directory AND any remaining shortcut placed on the desktop?
I do not know what else fpcupdeluxe writes outside of the install directory...
Can I just delete the complete install dir and the visible shortcut on the desktop and it will be all gone or are there artifacts remaining elsewhere?
6. Cross compiler?
How do I add a cross-compiler to an already installed Lazarus/Fpc?
This needs some detailed description....