Actually, that's perfect ... all she needs is the Team Foundation Client. That should be with the CAL - and it is on the Visual Studio 2008 Team Edition DVD's. The client will allow her to use source control as well as create and update work items (bugs) ... both in the Team Foundation Client and in Excel. TFC will have the Visual Studio shell, but it's the shell only ... none of the developer tools. You don't have to install any of the Express editions to use it.
There is also the option of using the web client, but I think it'll be somewhat slower when it comes to downloading the latest version.