It doesn't make any difference if the Help Path field is assigned to "{helpdir}:\helpfile.htm" or "helpfile.htm", when the EXE is created the "Help for this VI" menu item is "ungreyed" but the browser window does not open when Help for this VI is selected. (Note, I substituted curly braces for the pointy brackets around helpdir to avoid the html restriction of this forum.)
Yes, using "..\helpfile.htm" solves the old LLB help path problem, but an EXE of the LLB still doesn't display the help file. In all cases *.hlp type help files work just fine.