gnupg windows, per user homedir on a terminal server

[Alexander Bien]

hello folks,

i am trying to install gnupg for windows in a terminal server (2003) env 
with multiple users. My idea is to have one installation of the binarys, 
but allow each user to have his/her own keyring in theyr userdir.

I understand gnupg support the homedir variable for this purpose:

[HKEY_LOCAL_MACHINE\Software\GNU\GNUPG]
"HomeDir"="C:\\GnuPG"
"gpgProgram"="C:\\GnuPG\\gpg.exe"

I tried to set homedir to the folowing value
"C:\Documents and Settings\%user%\gnupg\"

tests showd me that a fresh set of keyrings is no longer installed to 
c:\gnupg\, but neither is it installed to the userdir.. it seems its not 
picking up that setting correctly. or i am simply not providing it in 
the correct manner. :(

What is the suggested procedure to use gnupg in a multi-user env based 
on Windows?

best regards
Alex