Following honestone's 2nd link I see
To remove this update
This update does not include an uninstall feature. To restore your application to its original state, delete it from your hard disk, reinstall it from your original installation disk, and then install the updates that you want. (Emphasis added)
The emphasized portion suggests (
Edit: that none of the updates are combos and that there's) a need for a compilation that allows you to easily determine and select those of the 30 something updates that you want, but that compilation appears to be (seriously) lacking.
Edit: I've still seen nothing that suggests other than by innuendo that the latest update is, indeed, the combo for which you're looking, Harv...quite the opposite, in fact.
It looks to me like freelance is on the mark.
Edit 2: Just found
Online:
To obtain updates, converters, and other software for Microsoft products for the Macintosh, visit the following Microsoft website:
Office for Mac updates
Note This webpage provides links to each download file. Installation instructions and important support information are also provided. (Emphasis added)
Unfortunately, I can't find the promised land, although you may if you do a clean install of Office 2011.