Yes, this seems like the correct location assuming that is where your LabVIEW is installed. While it has installed the VIs, it seems to not have installed the palette menu. Most of these files are located at LabVIEW 7.0\menus\default. Since there are already report VIs on the palette, it backs up that menu and then replaces it with the one that has the MS Office VIs. This is a file called repdocs.mnu. The backup is called repdocs.bkp. For some reason that has not happened for you.
Try to uninstall it and then reinstall it. If that doesn't work, try searching your hard drive for repdocs.mnu and repdocs.bkp and make sure that they are in the correct place.
