Is this in the Litmus test, or on a live test of Outlook 2007? I thought they worked - just tested again and the bulletpoint is working for me. I'm using this code:
I usually fix this by making sure there's enough content in the preheader. I usually stick to a minimum 30 word policy on that - never had an issue :)
Are you able to post a screenshot somehow of what the issue looks like?
It sounds familiar to an issue I had recently with little gaps appearing. I found that adding the below line of code to the table directly surrounding the problem area fixed it.
border-spacing:0; mso-line-height-rule: exactly; mso-margin-bottom-alt:0; mso-margin-top-alt:0; mso-table-lspace:0pt; mso-table-rspace:0pt;
Apologies if I misunderstood what you're trying to achieve. I ran your code through Litmus and on the preview, I saw the 2 columns, image on the left and text on the right, but the brown background colour not being the same height as the image...
To fix this, try adding the background colour to the <td> with the width of 330px. This'll get rid of the white around the text. I Personally would add the background colour to the outer table that surrounds both of these <td> elements - that way, if the text is longer than the image, you won't get the white space under the image - and the same with if the image is bigger than the text.