This was tested on fresh win 7 installation.
The first update check offers KB3038314 for IE8 and the IE11 installer. As you suggested I hid the IE11 and installed all other updates including KB3038314 for IE8. After restart and another update check, IE9 and IE10 were offered. I hid them as well while unhiding IE11. Installed IE11. After restart, two IE11 updates were offered (KB3021952 and KB3038314 for IE11). Trying to install KB3038314 for IE11 gives me the usual error.
Before restoring IE11, was Windows completely up to date?