However, I'm not sure if you will be able to do this based on the KB description
Note When you remove this security update, you may be prompted to insert the disc that contains Microsoft Office 2003. Additionally, you may not have the option of uninstalling this security update from the Add or Remove Programs item or from the Programs and Features item in Control Panel. There are several possible causes of this issue.
Approve the update - counterintuitive, eh? - for removal.
It looks like you should be able to, just choose the Update and choose the Remove option rather than Install. http://technet.microsoft.com/en-us/library/cc720434(WS.10).aspx
However, I'm not sure if you will be able to do this based on the KB description