A quick Google shows that the 1316 error appears to be a MSI installer error.
Try uninstalling all previous versions of VSE and Agent, reboot and re-install.
Failing that try the Microsoft Installer Cleanup utiltiy http://en.wikipedia.org/wiki/Windows_Installer_CleanUp_Utility it's been retired but will work for McAfee software. Find the VSE and Agent entries and click remove. Reboot and then re-install.