If you are running the Volume License version, you can run setup.exe /admin to run the the Office Customization Tool (OCT). It can configure almost every option in Office.
Check out the following links:
http://technet.microsoft.com/en-us/library/cc179207(office.12).aspx (deployment document)
Here is a screenshot, which looks a lot like a Group Policy MMC:
I looked, and it seems to be a lot more complicated with non-VL versions, and will require you to directly edit an XML file. This is the best document explaining how to do this I could find:
It is simple with the OCT if you have it, not so simple, if you don't.