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?