Follow up on this. It indeed is the case that the new 14.3.2 update only requires 14.1.0 to be installed. I just ran through the process on a test Mac. Uninstalled Office, then Installed our 14.0.0 package, then 14.1.0, then 14.3.2. I did the updates themselves from the command line installer, not the GUI. No issues, and got the installation all up to date with only those 2 patches.
I rarely say this, but thanks Microsoft Mac team!! You just made Office patch deployment much easier. I hated having to deal with that 14.2.3 update previously.
FWIW, here is what I just updated our Smart Groups to, in preparation for our Office update process-
For 14.0.x (anything under 14.1.0):
Application Title | Has | Microsoft Outlook
and Application Version | Like | 14.0.
For anything at or above 14.1.0 but under 14.3.2:
Application Title | Has | Microsoft Outlook
and Application Version | Like | 14.1.
or Application Version | Like | 14.2.
or Application Version | Like | 14.3.
and Application Version | Is Not | 14.3.2
I haven't thoroughly looked through the group membership for the second group, but doing some spot checking it seems to properly capture the versions I'm asking it to.