To be honest, I find the iTunes method frustrating, but you have limited options. While we don’t produce a .ipa file when using an AdHoc profile, .ipa files are easy to make.
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Make a folder named “Payload” (case sensitive)
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Move/copy your .app produced by Corona inside the new Payload folder
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CMD-Click (or Right-Click) on the folder and choose “Compress”. You will now have Payload.zip
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Rename Payload.zip to youAppName.ipa
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Tell the popup that it’s okay to change the extension.
You should now have a .ipa file that you can use like any other .ipa file.
Rob