To answer that absolutely frankly, I have never tried to run it off a local area network as a final solution, I made the recommended configurations, uploaded to my remote (apache) server and ran a successful install (three times on two different servers).
Some people seem to have problems setting the correct paths in the globals file, and to this end I created a 'Case Study' guide detailing a known-to-be working installation, which I offered for use in conjunction with the the official Getting Started Guide for those who felt they had problems.
If you can already run successful PHP applications from your IIS Server as a web server, then I can't see you having any problems with this. But not being a WebAssist technician, I am not in a position to guarantee anything.
A WebAssist technician will be able to take this further.