Many users are running PrE 12 on Win 8.1, with few, if any, problems.
This is a general checklist for the installation of most Adobe programs. I would look over it, to see if you are perhaps missing something in the installation process: http://forums.adobe.com/message/3419692#3419692
I installed Photoshop Elements 12 and Premiere Elements 12 from installation disc without issues on Windows 8.0 64 bit and later upgraded 8.0 on that computer to 8.1. No problems.
From a quick Google browse, it would appear that the 80070002 error is pointing to Windows Updates. Have you seen any of the following
There are many others. Let us start hee.
>on a PV running win 8.1
What is a PV? (did you mean PC?)
Please tell everyone the brand/model computer you have... and hardware details