I just installed Word and Excel 2002 on my machine running the Windows 8.1 Preview. They installed and seem to work fine. I did run the installer in Windows XP Compatibility mode. If you want to try that, find the Setup.exe file on the install CD and right-click on it, then select the Compatibility tab on the Properties dialog. You can choose the version of Windows compatibility you want, I chose Win XP with SP3.
The only weird thing I encountered was that Word wants to run as administrator. As an example, if I don't run it as administrator and select "Open" from the File menu then the "Open" dialog box doesn't pop to the front. I can click on it from the Task Bar and it will come to the front but won't do it on its own. When Word is run as administrator then the dialog pops to the front just as it should. Excel didn't seem to have this problem.
You can install LibreOffice if you wish but there will be a learning curve associated with it or you can install Word 2002 and run it and use the program you already know.