* .install files get aggregator_schema_version() function which tells the installer which version number to set in the system table on FIRST INSTALL. This way, it's not calling or seeing a number of updates that are already applied to the initial starting table. (I think this is a problem in our current install system, right?)
I'm not sure what you're asking for here. Currently, after hook_install is called, the schema version is set to the greatest current schema update. I.e. if you've got a module_update_5 in the .install file, then the schema will be set to 5. So you don't get any updates you don't need.
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