I am having the same problem. I have gone through all of the steps you've outlined several times. When I try to start Windows Live Mail I get a popup screen which says:
Windows Live Mail could not be started. Closing
Windows Live Mail. Your calendar contains corrupt
data that is forcing Windows Live Mail to close.
(0x8E5E0247)
I have renamed the folder where all of my emails are stored in addition to the steps you've outlined, and no matter what I've done I get the same end result.
Is there another folder I should be dealing with relating to this calendar issue?