I have pasted below the last few lines of the installation log. I don't know how to interpret the file, but it looks like it successfully installed the security update (the first few lines I copied) and then hung up again on OneNote.
MSI (s) (8C:DC) [22:29:42:745]: Product: Microsoft Office Office 64-bit Components 2010 - Update 'Security Update for Microsoft OneNote 2010 (KB3054978) 32-Bit Edition' installed successfully.
MSI (s) (8C:DC) [22:29:42:760]: Windows Installer installed an update. Product Name: Microsoft Office Office 64-bit Components 2010. Product Version: 14.0.7015.1000. Product Language: 0. Manufacturer: Microsoft Corporation. Update Name: Security Update for
Microsoft OneNote 2010 (KB3054978) 32-Bit Edition. Installation success or error status: 0.
MSI (s) (8C:DC) [22:29:42:760]: Note: 1: 1728
MSI (s) (8C:DC) [22:29:42:760]: Product: Microsoft Office Office 64-bit Components 2010 -- Configuration completed successfully.
MSI (s) (8C:DC) [22:29:42:776]: Windows Installer reconfigured the product. Product Name: Microsoft Office Office 64-bit Components 2010. Product Version: 14.0.7015.1000. Product Language: 0. Manufacturer: Microsoft Corporation. Reconfiguration success or error
status: 0.
MSI (s) (8C:DC) [22:29:42:776]: Attempting to delete file C:\WINDOWS\Installer\a62a1.msp
MSI (s) (8C:DC) [22:29:42:776]: Attempting to delete file C:\WINDOWS\Installer\a62a2.mst
MSI (s) (8C:DC) [22:29:42:776]: Unable to delete the file. LastError = 32
MSI (s) (8C:DC) [22:29:42:807]: Deferring clean up of packages/files, if any exist
MSI (s) (8C:DC) [22:29:42:807]: Attempting to delete file C:\WINDOWS\Installer\a62a1.msp
MSI (s) (8C:DC) [22:29:42:807]: Unable to delete the file outside of the engine. LastError = 2
MSI (s) (8C:DC) [22:29:42:807]: Attempting to delete file C:\WINDOWS\Installer\a62a2.mst
MSI (s) (8C:DC) [22:29:42:807]: MainEngineThread is returning 0
MSI (s) (8C:10) [22:29:42:807]: RESTART MANAGER: Session closed.
MSI (s) (8C:10) [22:29:42:807]: No System Restore sequence number for this installation.
MSI (s) (8C:10) [22:29:42:845]: User policy value 'DisableRollback' is 0
MSI (s) (8C:10) [22:29:42:845]: Machine policy value 'DisableRollback' is 0
MSI (s) (8C:10) [22:29:42:845]: Incrementing counter to disable shutdown. Counter after increment: 0
MSI (s) (8C:10) [22:29:42:845]: Note: 1: 1402 2: HKEY_LOCAL_MACHINE\Software\Microsoft\Windows\CurrentVersion\Installer\Rollback\Scripts 3: 2
MSI (s) (8C:10) [22:29:42:861]: Note: 1: 2265 2: 3: -2147287035
MSI (s) (8C:10) [22:29:42:861]: Note: 1: 1402 2: HKEY_LOCAL_MACHINE\Software\Microsoft\Windows\CurrentVersion\Installer\Rollback\Scripts 3: 2
MSI (s) (8C:10) [22:29:42:861]: Decrementing counter to disable shutdown. If counter >= 0, shutdown will be denied. Counter after decrement: -1
MSI (s) (8C:10) [22:29:42:861]: Post-install cleanup: removing installer file 'C:\WINDOWS\Installer\a62a1.msp'
MSI (s) (8C:10) [22:29:42:876]: Post-install cleanup: removing installer file 'C:\WINDOWS\Installer\a62a2.mst'
MSI (s) (8C:10) [22:29:42:876]: Lost connection to custom action server process. Attempting to regenerate.
MSI (s) (8C:10) [22:29:42:876]: Destroying RemoteAPI object.
MSI (s) (8C:FC) [22:29:42:876]: Custom Action Manager thread ending.