RESOLVED!
(Error 1402 while attempting to re-install Office 2003 on Vista Home Professional)
This was resolved for me by running the "Fix-It" that resets registry security settings. It is at the following knowledgebase article:
http://support.microsoft.com/kb/313222
Then re-run the install
Thank you to the folks at the following forum/post
I tried to 'reply' to their post but their site crashed in the attempt.