Ok, no idea what’s happening here. Outlook is lying to me.
Update 1: Changing the security settings in this window (in Outlook 2003) doesn’t affect whether this macro warning appears. (The change of settings is retained, even after reboot but it appears to have no effect.)
Update 2: Changing the settings through the security window in Word makes it take effect. It would appear that Outlook is using Words Macros… Or just the settings?
Update 3: “If you are sure you trust the macro developer, add the name to the list of trusted publishers on the Trusted Publishers tab in the Security dialog box (Tools menu, Macro command, Security subcommand).” yeah, that’s right, just add the name using the read-only dialog box.
[insert rant here]