Was able to get it working after all. Here is the code in case someone finds it useful:
' Creates a new Outlook PST named after the windows username and current year
' Binds the new PST to Outlook and copies the directory structure to the new PST
' filename: make_new_pst.vbs
Const olFolderInbox = 6
'Grab the user name
Set wSHNetwork = CreateObject("WScript.Network")
strUser = WSHNetwork.UserName
'grab user profile
Set oShell = CreateObject("Wscript.Shell")
strUserProfile = oShell.ExpandEnvironmentStrings("%USERPROFILE%")
pstName = strUser & "_" & Year(now)
strPSTPath = strUserProfile & "\Local Settings\Application Data\Microsoft\Outlook\" & pstName & ".pst"
' win7/vista:
'strPSTPath = strUserProfile & "\AppData\Local\Microsoft\Outlook\" & pstName & ".pst"
'hook into MAPI and create pst
Set objOutlook = CreateObject("Outlook.Application")
Set objNameSpace = objOutlook.GetNamespace("MAPI")
objNameSpace.AddStoreEx strPSTPath, 2
'Renames PST File To Unique Display Name
Set pstrename = objNameSpace.Folders.GetLast
pstrename.name = pstName
'Set Namspace to Default Mailbox Inbox Folder
Set objOldInbox = objNamespace.GetDefaultFolder(olFolderInbox)
strOldFolderName = objOldInbox.Parent
'Sets Default to Mailbox Root vs Inbox. Must bind to inbox like above first Before Parent Below this is by design
Set objOldMailbox = objNamespace.Folders(strOldFolderName)
'set collection for mailbox contents at root
Set colOldFolders = objOldMailbox.Folders
' set destination PST
Set destPst = objNameSpace.folders(pstName)
' loop through each folder in original PST
For Each objFolder In colOldFolders
' only create 'else' folders
select case objFolder.Name
case "Calendar"
case "Contacts"
case "Deleted Items"
case "Journal"
case "Junk E-Mail"
case "Notes"
case "Outbox"
case "RSS Feeds"
case "Sent Items"
case "Tasks"
case else
copyFolders objFolder, destPst
end select
Next
'clean things up
Set objNameSpace = Nothing
Set objOutlook = Nothing
' creates all subfolders recursively
Sub copyFolders(pObjFolder, pDestPst)
Set myNewFolder = pDestPst.Folders.Add(pObjFolder.Name)
For Each SubFolder in pObjFolder.Folders
copyFolders SubFolder, pDestPst.Folders(myNewFolder.Name)
Next
End Sub