The standalone report designer do not require Visual Studio. It only requires .NET 4.0.
About the installer you, can't redistribute the Telerik Reporting installer and our recommendation is to distribute only the executable (Telerik.ReportDesigner.exe) and if needed the configuration file (Telerik.ReportDesigner.exe). Generally you can setup your own installer to provide the standalone report designer to your users.
the Telerik team
Telerik Reporting Q1 2013 available for download with impressive new visualizations. Download today from your account.