1. If you install the patch webdesignercore_kb950278.msp related to visual studio, then how you manage to receive error 2902 from Office, and other errors from Office?
2. you may want to produce detailed log of the installation (patching), and look in the log, what is being attempted just before the error.
3. you may want to upgrade Installer itself to version 4.5; it's unlikely that it will help in this situation, but not impossible.
4. I would try to uninstall Office 2007, patch VS 2008, then reinstall Office 2007 (well, frankly, I would skip the last part, but it's subjective).