We've got exactly the same error, but only on NT 4. I did not find the solution yet. We found that, by copying directly the DLL to the target machine, everything works well. In fact VBAJET32 is shipped with the distribution package generated by Setupwizard. But it isn't well decompacted. I did not encounter the problem with Win95 and Win98...
I'm using an updated US version of setupwizard.exe, downloaded from MS site (see VB updates section).
I was in SP 3 level.
I've replaced my french version with it, and I got rid off OLE registering problems (error 429) I had before.
But I'm still searching this strange behaviour of VBAJET32. Perhaps a replacement refused because of NT shared use of the DLL...
LOG does not contain anything particular, just noticing DLL was not installed...
That's what I can say today.