Automating Watermarks in Acrobat 9 (standard)

We create a set of 55 training manuals that are customised, with the logo of the individual company, as a watermark. Currently we supply circa 400 companies. We would like to automate the production of the completed manuals (with each logo added) so that we can burn the pdf's to CD. As legislation changes a new set of manuals is produced - which can mean updates twice a year.

I note that this is a similar question raised by jmunch (answered by thomp) but wondered if the process was possible using images instead of text? I wondered if this had been done already?

Is there a way of adding acrobat 9 reader to the CD for those clients that don't have a pdf reader installed?