It has taken me weeks of revisiting this issue to find a solution buried deep on a page.
Preview pane does not work with 32 bit office.
Open regedit.
browse to HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID\
Backup the CLSID
Delete keys:
HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID\{00020827-0000-0000-C000-000000000046}
HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID\{65235197-874B-4A07-BDC5-E65EA825B718}
HKEY_LOCAL_MACHINE\SOFTWARE\Classes\CLSID\{84F66100-FF7C-4fb4-B0C0-02CD7FB668FE}
Reboot. (or kill and restart explorer.exe)
Test.
