This is what I came up with to backup all of the outlook folders on a machine. 
it might help you out. I am not quite sure what all of it means, I am very new 
to being an admin and with Linux in general but I found this to do the job I 
need. It looks like you are just excluding everything and do not really telling 
it to back anything up. Again, I could be wrong, not proficient in it, just 
what I see at first glance. Anyways, hope this helps.

FileSet {
  Name = OutlookWin7
  Include {
    File  = "C:/Users"
    Options {
     IgnoreCase = yes
     RegExDir = "^C:/Users/[^/]+$"
     WildDir = "C:/Users/*/AppData"
     WildDir = "C:/Users/*/AppData/Local"
     WildDir = "C:/Users/*/AppData/Local/Microsoft"
     WildDir = "C:/Users/*/AppData/Local/Microsoft/Outlook"
     Wild = "C:/Users/*/AppData/Local/Microsoft/Outlook/*"
    }
    Options {
      Exclude = yes
      IgnoreCase = yes
      Wild = "C:/Users/*"
     }
  }
}

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