Update: I've been using Outlook all day and Word and Excel to some extent without issues other than version updates in Outlook that seem different. I had to reinstall the Outlook profile a couple of times to get it right, rebuild my favorites (the favorites folder disappeared until I reset the Navbar), and rebuild my quick steps and rules. After that, it was business as usual. In other words, despite the installer crashing near the end, the programs seem to be working.
This has all the characteristics of a central server failure and a snafu in the last update that broke something. Perhaps this is because the Office Team and the Windows team don't always talk to each other--or they didn't in my day.
I suspect there are a lot of engineers here in Redmond (Microsoft is in artillery range from my home), working 24/7 to figure this out, knowing that if they don't, they won't be opening presents on Monday. I'm just thankful that Outlook is working.