I'd do it using an INSERT ... EXEC
and then read the value back from the table the result is inserted into:
DECLARE @TzKey nvarchar(512)
DECLARE @TZI binary(85)
Set @TzKey = 'SOFTWARE\Microsoft\Windows NT\CurrentVersion\Time Zones\Pacific Standard Time'
declare @Results table (Value sysname,Data varbinary(300))
insert into @Results
EXEC master.dbo.xp_regread 'HKEY_LOCAL_MACHINE', @TzKey, 'TZI' --, @TZI OUTPUT
select @TZI = Data from @Results
(Insert usual caveats about using/relying upon undocumented procedures)