Once again all praise goes to PowerPivot-info.com. This time it is down to their comprehensive installation guide of PowerPivot with SharePoint 2010. I followed their guide meticulously and had no issues whatsoever on my virtual Windows Server 2008 R2 instance. The only problem I had was with the PowerPivot gallery previews being generated once I was installed and deploying PowerPivot workbooks. This was a known issue and covered in their installation guide. I tip my hat gentlemen. Great work guys, you have my gratitude and thanks.