When attempting to run the BizTalk Server Pipeline Component Wizard for the first time I encountered an error that prevented the creation of the pipeline component project:

System.ArgumentException : Value does not fall withing the expected range 

I found the solution for this error in a couple of places, first a reference to the issue on the Codeplex Project and then a fuller description on a blog referring to the BizTalk 2006 implementation.

To resolve this issue you need to make a change to the downloaded wizard solution code, by changing the file BizTalkPipelineComponentWizard.cs around line 304

From

// get a handle to the project. using mySolution will not work.
pipelineComponentProject = this._Application.Solution.Projects.Item(Path.Combine(Path.GetFileNameWithoutExtension(projectFileName), projectFileName));

To

// get a handle to the project. using mySolution will not work.
if (this._Application.Solution.Projects.Count == 1)
pipelineComponentProject = this._Application.Solution.Projects.Item(1);
else
{
// In Doubt: Which project is the target?
pipelineComponentProject = this._Application.Solution.Projects.Item(projectFileName);
}

Following this you need to uninstall the the wizard, rebuild the solution and re-install the wizard again.