I had the same problem and solved it in a similar way (I simply added the line "%GOG% GOTO :BG1CHCK2" right under the marker ":TP1CHECK", which marks the begin of the looping section. The effect is the same as in the solution proposed above, the looping sequence is simply bypassed.
There's no harm in this, because (as far as I can tell) the looping sequence is just meant to ensure that the game (Baldur's Gate 1) is properly patched. The GoG installation _is_ properly patched (unless someone tried to manually install another patch over it, which isn't recommended), so the test is unnecessary in this case. There's probably a more elegant solution to the problem, but I didn't bother decoding all the conditions in the lines below my change, I was happy that I found a solution.
With this change, the BiG World installed worked flawlessly. It was actually fun to watch the part when it opens/closes lots of windows and extracts all the mods, even exe files packed inside other exe files. That's quite impressive.
Side note (unrelated to your problem, but worth a mention anyway imho): I think it's really important to disable UAC and shut down antivirus and firewall programs, as recommended in the documentation. In my first attempt to install BiG World, I didn't do that, and it caused lots of problems. My firewall prevented some scripts from executing other files, I then had to extract some mods manually, but apparently didn't do it correctly, and in the end I borked the whole installation. Good thing I had made a full backup. After switching off UAC, fireall, and antivirus, everything worked.
Post edited September 29, 2011 by Psyringe