Welcome to the wonderful world of BMS! The 4.34 installer is a full installer, meaning it doesn't require the F4 dance that 4.33 U1 thru U5 did. Just click and go. You need to keep the complete original Falcon 4 install on your system somewhere for copyright issues, but then you'll never actually need to run that software, except for nostalgic value. *grin*
When you run the installer, make sure to NOT install in the same directory as your Falcon 4 install from Steam. Put it in a new location. After installation, to run it simply go into the new directory and run the Launcher, or create a shortcut to your desktop. The Launcher will have options for configuring different aspects as well as to the PDF Documentation. I always suggest loading the documents onto an e-reader or iPad for quick access, but some folks like to have them printed and spiral bound (over 1300 pages not including additional aircraft, real-world manuals, airport charts, and checklists)
Hope this helps get you started!