OK, I've figured out a work-around for this issue. (Someone may have figured
it out before me, but I did this on my own.) I could not find a fix *within*
Outlook.
When you preview or open an e-mail with a GIF, click:
File>Save As>HTML. (The entire e-mail, not just the picture, at this
point.) Don't forget to choose the location and create a name.
Now go to that location and you'll find the HTML document you just saved.
Open it, probably in Internet Explorer; the GIF(s) should be running; and you
can right-click on it to "Save As" GIF. One of the many topics I read on
this, stated that a full Internet Explorer cache, limits the save-as format
choices within IE.
So, I hope this helps. Post again if you have any more questions,
ZILLA