CheckAdminSettings don't work with Exchange 5.5 SP4 and Outlook 2003?

Hi,
I'm trying to use OutlookSecurity.oft from the Office
2003 Resource Kit Toolbox to customize Outlook 2003
attachment security settings for users in an Exchange
5.5, no AD and policy). I have followed the instructions
given at
http://www.slipstick.com/outlook/esecup/admin.htm as well
as the various relevant MS articles. I don't have any
problems creating the Outlook Security Settings public
folder and publishing the form using Outlook 2003 from
client PC. CheckAdminSettings in
HKEY_CURRENT_USER\Software\Policies\Microsoft\Security
key on client PC is set to 1. However, the settings don't
seem to take effect. When I modify Level1Remove in
regedit manually, security works fine. Any help how to
troubleshoot reading of configuration from Public Folder?
Thanks