Short answer - no.

I opened a support call but it was never resolved.

Initially they thought it was folder permissions.  Nope.
Then they wanted me to check my Storage Replication (like WANSync or AOSoft) which I am not using.
Then I ran dozens of dtraces's with different scenirio's - no luck= tracking down the issue.
They upgraded to 8.0 SP2.  No difference. (more RPC errors in fact).
Tried a LSAFixOfflineFile.exe tool - no difference.

Tried this too...no luck.

6 months later - I closed the case with no resolution.  Thanks Symantec.
Let me know if you get anywhere with it...I would love to fix it.

Thanks.

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Error checking if file is a placeholder file. Element not found. (Exception from HRESULT: 0x80070490)
Details:
This technote discusses two procedures to perform mass recall of files that have been archived using FSA.   The Powershell option will also resolve files that show the'Error checking if file is a placeholder file. Element not found' error.  
The following needs to be set in the registry on the file server under HKLM\SOFTWARE\Enterprise Vault\FSA\PlaceholderService so that the recalls can be processed more quickly and not be limited.
BypassRecalLimitsForAdminsset to 1
RecallLimitMaxRecallsset to 99 decimal
RecallLimitTimeIntervalset to 1
RevertItemsToPlaceholdersset to 0
Restart the EV Placeholder Service.
Option 1- Best Option
This option is more robust as it is using Powershell.  
1. Install Windows Powershell on the file server if not installed already.
2. Launch Powershell and run the following.  
set-executionpolicy remotesigned
** Once the actions are done, the execution policy should be set back to it's desired state
2. Extract the FSA_Recall_329706.zip  file contents to the file server to c:\ps folder.   See Related Documents section for files.
3. Rename the ps.renps1 file to ps.ps1.
4. Open a command prompt to c:\ps folder.
5. Run the following command exactly as it is shown below:
powershell "& 'c:\ps\ps.ps1'"
6. A prompt will be given asking what folder to process. It will process this folder and ALL sub-folders.
Start with a smaller folder to verify the process.
7. Type y to the question to recall files and enter.  To only process files with the 'Element no found' issue and not recall all files choose n for this question.  
Process will run and create an output file called test1.txt in the ps folder. This should be renamed to something else each time a folder is processed. For instance rename it to test1_foldername.txt, replacing foldername with the folder that was processed.
 
 
Option 2- Good Option
This option will only recall files and not resolve 'Element not found' errors.
1. Copy the copy_nul.ren2bat file to a directory that needs to be processed on the file server.
2. Rename the file to copy_nul.bat.
3. Open a command prompt to that directory.
4. Run the following command:
copy_nul.bat > copy_nul.log
A copy.txt file will be created to use for the copy to nul process and the output will be written to the copy_nul.log file.
This will also copy all files in sub-directories, however the file must be copied to each directory it is to be run from and then the command line run from that directory.

I have the same / similar issue.  In my case, the files archive just fine, but I get the error when it goes back and tries to create the shortcuts.