Microsoft support board was helpful. Here is a writeup on the "object model guard." It includes a kinda complicated explanation of how you can't really deal with the problem, and in the end references the click-hack Planetscape referred to in his reply.

But then there was a pointer to this which appears to be a free app that will make Outlook trust specified apps.

In reply to Re^3: Outlook OLE how to bypass that security popup by cormanaz
in thread Outlook OLE how to bypass that security popup by cormanaz

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