Jesse
It is common knowledge that the Premiere Elements 9.0 9.0.1 update Error Code: U43M1D207 should first be addressed by using the update file from the online download from Adobe instead of the project's Help Menu/Update route where the error is incurred. I just wrote about that today in another thread. When I saw your thread I thought this was the one in which I posted that information.
I am assuming that you were updating to 9.0.1 rather than updating a version of Camera Raw. It used to be that you could get the Camera Raw Update download from Adobe online if the Help Menu/Update route was a problem. But, in later versions Premiere Elements/Camera Raw, Adobe is not providing that "safety net", and all need to update Camera Raw (if update is available) via the project's Help Menu/Update.
ATR