Does anyone know of how to extract the custom settings for IIS 7 for implementation on simular machines? Thanks.
Check out the answers to the question How do you migrate an IIS 7 site to another server? over on Stack Overflow.
The first answer walks you through it.
In IIS7, as long as you're going from IIS7 to 7 or 7.5 to 7.5 then use Shared Configuration. You can export from the known good configuration, then enable Shared Configuration on the other machines. After you enable it on the other machines, the machineKey will be in sync and all credentials will work.
You can then copy applicationHost.config and administration.config to c:\windows\system32\inetsrv\config on the target machines and turn off Shared Configuration. That will address a) machineKey is in sync and b) the 2 config files will be in sync.
If you want it as a web farm then still use Shared Config, but in a permanent configuration rather than a temporary one.