Resolved. For some reason this folder exists:
~/Library/ColorSync
It shouldn't be there, but since it exists, Acrobat Pro X tries to use it.
Since it has incorrect ownership/permissions, Acrobat Pro X can't use it, so it tosses up that error.
At some point we'll determine how that folder got there, my guess is someone used the JAMF Casper Suite "easy button" (Composer) to create a package using a snapshot (which is an incredibly bad idea; logic exists in installers for a reason <wink>).
Don