Thanks for the responses and tips.
To wrap up what I did. I uninstalled the existing version and related updates and Adobe Flash as well. I didn't delete the existing Adobe program folders however concerned that the new version would want to see the old to install properly. The new one figured out through its licensing that we had a previous version - otherwise the CD looked like the regular full version. I then had to enter both my new serial number and old and everything worked.
One minor side note that I will post elsewhere. One of the reasons we upgraded our Adobe was that there were a few sites that would not open and troubleshooting with regmon and filemon indicated Adobe problems. After installing the new version the problem persisted at which point we dug a little further and discovered that a program called TimeMatters had installed a couple of plugins to IE 6 including an Adobe plugin. Once we removed that plugin we were able to access the sites we previously could not access.