First of all, FTN95 is completely backwards compatible with FTN77. Yes, the <> syntax tells the compiler to look in the default location for the INS files - i.e. where they were installed.
You should look at the date of the code you are dealing with. There was a very early version of Clearwin for a version of FTN77 transitional between FTN77 with its own DOS-extender (DBOS) and FTN77 for Win32. Information on the development of FTN77 ... FTN95 is given somewhere in the main Silverfrost website. However, the syntax of Clearwin+ has remained unchanged.
You can't port the Clearwin code to anything else (i.e. not Silverfrost)without a huge amount of re-writing, but you don't have to. If anything, the program will run better if recompiled with FTN95 than it did originally.
One change that you might find helps the look and feel of the program is to add the line
1 24 default.manifest
to the resources section (or the RC file) as which gives buttons and windows controls a more modern look and feel.
An old program may (or it may not!) make use of specific fonts. Some of these will have changed or been removed in current versions of Windows, so you may find yourself doing some fine tuning on this. Old windows programs tend to use colours for window backgrounds that look discordant when run in modern versions of Windows. Another thing to look out for.
Eddie