I would probably just run the minimal installation (there are three installation types: default/minimal/all) with the appropriate JMS files copied to deployment. Basically, copy over libraries and relevant-looking files from "default" until things work. Or, start with the "server/default" directory and remove files until it doesn't work. :)
You can do without the jmx-console, http-server, database, example queues. You can un-deploy the various files (by mv to /tmp for example) with the server running and determine if they're critical or not.
that release page seems to indicate that this standalone version of JbossMQ is quite old (....2001)
the release notes for the full version of JBoss 3.0.4 shows changes for JMS.
Does that mean that if I use a standalone version then I am restricted to using an old version ?
I would always use the bundled version, as it's the most up-to-date.