Your "database team" is obviously paranoid. What sort of security risk do they anticipate if the aspnet_regsql.exe
tool creates a database? I can understand that many Administrators feel uneasy using wizards because they want to know exactly what is going on behind the scenes. In this case, the command line tool allows you a high degree of customizability and should be preferred over the wizard mode.
Perhaps you and your database team should read up on the published implementation of the tool, rather than being obstinate about which you are ignorant. If you still find "Creating the Application Services Database for SQL Server" to be overkill, it is quite possible to create your own MembershipProviders and PersonalizationProviders and incorporate them with your own database structure.