http://www.macnn.com/articles/01/04/04/possible.office/
Possible Office 2001 SR1 conflict w/ Outlook
updated 05:00 pm EDT, Wed April 4, 2001
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Scott Boettcher sent us a note regarding Microsoft Outlook 2001 compatibility with the new Office 2001 SR1 update. "Not unlike previous versions of Microsoft Mac software, there appears to be another episode of one version overwriting components installed by another MS application. We had a strange lot of issues today with Outlook 2001 beta; all problems appear to be gone after placing a clean copy of Outlook beta (after applying SP1 to Office and restarting)on the drive and creating a new profile."
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No problems here
I have SR1 installed and I use Outlook 2001 beta. I have had no problems with either software after installing the SR1.