Still confused, all the docs say to run the OUTLOOK tool against the public folders, not the Exchange tool. Not even sure if the Exchange tool picks them up.
You can actually use either. The Exchange tool v2 when used with the hotfixed Outlook update tool (sometimes erroneously referred to as v3 of the Exchange tool) can be run silently against the mailboxes. The Outlook tool can be run manually. How many Public Folder calendars do you have? That might help you decide which option to choose.