Hmmm... First of all, I don't think there is an "alternate" root. There is only "/"... ?
If you'd like to use "installpkg" with the "targetdir" option, you may need to create "targetdir" first...
Furthermore, there is usually no reason to mess up with "installpkg", since its default choices are pretty good.
If you really, really, really need to install xyz in a very specific directory, your best bet is to download the source code, "configure" it with the directory you want and do a make/make install. This should install xyz in the directory you want.
Sorry if this is not the answer you want, but your question is a little bit confusing for me...