Working Here!!!
This is what I did. After the install, I set WU to check for updates but let me choose weather to download and install the updates. After checking for updates EI 11 popped up, so I hid that one and installed all others. On the next check for updates EI 9 and 10 popped up, I hid those also. After doing updates all day and getting everything completely up to date. I then restored EI 11 from hidden updates and installed it without any problems at all. And there was no nagging about the KB3038314.
Hope this helps others.
Sorry, but this definitely does NOT work.
After having the issue on one machine, this is exactly what I tried on another machine.
YES, the update completes successfully. YES, you are able to install IE11 after the Update.
But afterwards, you geht the popup "New updates are available" and this one update
is being offered, although it already is installed. You just discovered another way to
run into the same error. But thanks for your input anyway ;)
Curious...when installing IE 11, did you skip IE 9 and 10? Because that is how I did it. And still WU says no new updates available, and no errors.