You can prepare scripts to “start the IDE” (and possibly “build”) for your projects and support them as the project develops in the repository.
Regardless of your decision to store components in separate repositories and use external resources, or including in one repository with possible branching, you should also include compiled bpl files for each component assembly and for each branch prepared for a particular version of Delphi.
You should try to keep most (if not all) of the paths relative, in the worst case, use environment variables to point to your project root directory.
In the beginning, the IDE script allows you to support every project and Delphi version environment configured on one Windows installation.
It should contain the necessary registry keys for your project and Delphi:
Windows Registry Editor Version 5.00 [-${DelphiRegKey}\Disabled Packages] [-${DelphiRegKey}\Known Packages] [-${DelphiRegKey}\Library] [${DelphiRegKey}\Known Packages] "$(BDS)\\Bin\\dclstd${CompilerVersion}.bpl"="Borland Standard Components" "$(BDS)\\Bin\\dclie${CompilerVersion}.bpl"="Internet Explorer Components" "$(BDS)\\Bin\\dcldb${CompilerVersion}.bpl"="Borland Database Components" (...) "${CustomComponentPack}"="Custom Components" [${DelphiRegKey}\Library] "Search Path"="${YourLibrarySourceFolder1};${YourLibrarySourceFolder2}" (...)
Then you can prepare the batch file:
regedit /s project.reg %DelphiPath%\bin\bds -rProjectRegKey Project.dpr
Where ${DelphiRegKey} is HKEY_CURRENT_USER\Software\Borland(or CodeGear in newer versions)\ProjectRegKey .
It’s basically easier when you reset the current working configuration from the registry, separate it from unnecessary keys, change the paths to relative ones, and then adapt them to work with your project.
In this configuration, switching between projects and their branches, which have different sets of components (and / or, possibly, using a different version of Delphi), consists in checking only the repository and running the script.