Sorry to dig up an old thread but it's the only one on this topic so...
Will ZCO install if click2run is removed:
Howto: Remove Microsoft Office 2010 Click 2 Run
I don't have Home and Business but some of my users do so I can't try it.
Edit : found someone with Home and Business - removing c2r breaks OL
Edit2 : If anyone else finds this useful this works, although we've not thoroughly tested so don't come crying to me :)
Edit3 : This might have issues
H&B 2010 sans click2run
Gave up with trying to get click2run to work after I found that it's possible to install the "full" version of Home and Business 2010 without click2run.
This link provides basic instructions - although they didn't work to the letter for me. It's possible to download the .msi install file as a "backup" using the code you've purchased from this link
This allows full install to standard locations and therefore the install of ZCO. I really thought that MS couldn't fall any lower in my opinion but they've managed it ! This whole click2run is a joke, like a cross between Apples you've paid for it but you don't own it and the most ridiculous misuse of "cloud" tech ever. What happens if you've no internet connection and you want to open a program you've not used before ? Nothing - that's what !
I hope this helps someone out there.