If you are only displaying a single shortcut in the end then the easiest way of setting your arguments to a property eg. "[MYARGS]" The argument field is a formatted type so you can get file paths etc.
If you want to display multiple shortcuts then you should create multiple features and a single component. Include the same component in each feature.
The target of an advertised shortcut is the feature name.
So far so good. This is easy to do with ORCA but looks to be impossible with ISWI. So you need to 1) write a little program to add the shorcuts to your msi file after it it is built ISWI or alternately 2) build the shortcut table at runtime with a custom action.