I use the Redemption component
http://www.dimastr.com/redemption/ to bypass the security restrictions that are imposed in Outlook 2000 and above. This component maps directily onto the Outlook object and gives a sender collection (similar to recipients collection in Outlook) which contains the address property of the sender. I know that does not help you directly but it might be something to consider for future development.
I think you may be right in having to look up the sendername property in the address book. Have a look at the
http://www.slipstick.com/ site which has a lot of information on Outlook and how to program it (VB centric).
Paul.