Hi moutrc,
What happens when you launch Acrobat. Does it prompt the 'End User License Agreement Screen'?
The setting is stored in a Plist file. You should be able to change it manually: Go to the following folder:
Library/Preferences
Then, look for the file com.adobe.Acrobat.Pro.plist and open it in a Plist editor. Now look for the entry Root>11>EULAAcceptedForBrowser - this should be set to the boolean "Yes". If the value is not there, you will have to create it. Are you familiar with the Plist format?
Regards,
Rave