I had/have the same problem with a few workstations, including my own. A few days ago I decided to download an earlier build of HIPS 7.0. I manually loaded (not a push from ePO) it onto my workstation. It loaded and ran just fine over the weekend. Today I uninstalled it via Add/Remove Programs. I then rebooted my workstationf (or good measure). Once my workstation was ready, I then created a task in ePO to push our latest version HIPS 7.0.0. It loaded without any problems. I had been trying a lot of stuff for a few weeks. This was the only thing to work.
I am not a product expert but I have moved your post to the HIPs area. Hopefully someone can help you soon.
How about getting the McAfeeHIP_Install.log from the c:\windows directory for review?
Also get the McAfeeHIP7_NDISInstall.log from c:\windows\temp