Question, I would like to create different Office 2007 (one with Access, one with only Excel and one with Word/Excel/Powerpoint) installations and I like the idea of keeping the files in ZCM so I don't have to worry about manually copying the files out to all our field servers.

Is this best approach?

Bundle 1 "Source files": Using Install Directory to copy the install files to the C: drive.
Bunde 2 "Specific installer": Copy the MSP file (the file that specifies the install settings) to the correct folder in the install on the C: drive and then install.