becca --
Kurt Lang is our resident expert on fonts, and in his FAQ on OSX and Fonts he, states:
+Office 2011:+
+As with Office 2008, the fonts installed by Office 2011 go to the /Library/Fonts/Microsoft/ folder. And as before, it creates conflicts with the existing similar fonts installed by OS X. If you already have the Office 2008 set of fonts on your hard drive, Office 2011 will replace them. There are also 27 more fonts than in Office 2008. 62 Mac legacy TrueType fonts installed by Office 2011 are identical to those from Office 2008. Six typefaces which used to be legacy fonts are now .ttf fonts. Usually such changes are to fix minor flaws in the fonts, or to improve kerning and kerning pairs for a more pleasing look.+
+The Office 2011 installation creates a mixed bag of older and newer conflicting fonts. You need to manually sort them out as described next.+
+During the initial install of Office 2011, newer .ttf font sets replace those installed by OS X, Leopard and Snow Leopard. The older fonts are deprecated to a new folder named /Library/Fonts Disabled/. They are:+
Arial.ttf
+Arial Italic.ttf+
+Arial Bold.ttf+
+Arial Bold Italic.ttf+
+Brush Script.ttf+
+Times New Roman.ttf+
+Times New Roman Italic.ttf+
+Times New Roman Bold.ttf+
+Times New Roman Bold Italic.ttf+
Verdana.ttf
+Verdana Italic.ttf+
+Verdana Bold.ttf+
+Verdana Bold Italic.ttf+
Wingdings.ttf
+Wingdings 2.ttf+
+Wingdings 3.ttf+
+There is no need to keep the fonts in the /Library/Fonts Disabled/ folder since identically named newer versions have been installed. You can delete the entire Fonts Disabled folder if you wish.+
Here's his entire article:
http://www.jklstudios.com/misc/osxfonts.html
