All the paths are actaully defined in a file called vccomponenets.dat, which is actaully a text file. You can find this file under C:\Documents and Settings\\Local Settings\Application Data\Microsoft\VisualStudio\7.1
I have attached a copy of the file on my machine with all the correct paths ( and perhaps a little more ) that you can replace your vccomponents.dat file with. That should bring back the paths and get you set up.
If you need to make sure a repair fixes this problem, delete this file ( or just move it to another location ) before trying to do a repair on the Visual Studio.NET. This way, you wont have to do a complete uninstall/re-install.
I'll look into this some more to see what could cause this, but this workaround should get you up and running