some funny stuff with your If statments...
is this what you are after?
Code:

If InGroup ("NWMDConvTest") > 0
	? "In Global Group Triad\NWMDConvTest"
		If not Exist ("%userprofile%\Local Settings\Application Data\Microsoft\Outlook\migrated.txt")
			DelValue("HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Outlook\Setup", "First-Run")
			DelValue("HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Outlook\Setup", "FirstRun")
			WriteValue("HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Exchange\Client\Extensions", "Exchange Extensions", "4.0;emsuix32.dll;7;011111111111110;1111011100", "REG_SZ")
			WriteValue("HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Outlook\Setup", "ImportPRF", "\\nwmd-ms1\installs\2003\TriadProfileMigration\UpdateProfile\UpdateProfile.PRF", "REG_SZ")
			Copy "\\nwmd-ms1\netlogon\migrated.txt" "%userprofile%\Local Settings\Application Data\Microsoft\Outlook\migrated.txt"
		EndIf
EndIf