Microsoft Development team has release another tool which can help you making your own personalized Help Library from MSDN Documentation. This GUI tool allows you to choose which help files you want to import from MSDN Library and make a .chm file out of it. The help file created gives both help file formats also give full text search and keyword search. I will be doing this today for myself and you can go ahead with it.
The major advantage of this can be that user will be able to find things which are really required and skip unnecessary things, In my personal opinion I would not go for it. The major reason being you wont be able to discover other things and you will have to go back to MSDN library again.
However this can be heavily used in IT industry where Project managers can sort out the documentation required and attach it to projects. Thus helping the development faster.
Package This requires .NET 2.0, the .hxs SDK (MSHelp 2.0), part of the Visual Studio 2005 SDK, and the .chm SDK (HTML Help). If you just want to create .chm files, you don’t need to download the .hxs components (and vice versa).
Be sure that you set you locale to the language on which the CHM file is built on. If the open Japaneses CHM file in English locale you will see some funny boxes coming up :D. However if you face this situation just change your locale back to Japanese and reboot.
Source Page: Package This