Though it is ALWAYS best to have a signed cert from a known CA, it isn't the only answer.
When it comes to OWA, Outlook,RPC-over-HTTPS, and OMA, I have yet to run into a single problem with a self signed SSL. It takes only a minute longer to properly install the self signed SSL.
I certianly agree with Zelandakh, that buying the SSL cert is the best approach.
But as we all know, in this industry, depsite our recommendations we have to do what management/the client asks.
The IIS Resources Toolkit is well documented, and should work perfectly for hk domains since you tell it the domain name. you can select how many days the cert is good for, and i belive it maxes out at 3 years (maybe 5). i have only had to use it once, but i opened the program and just typed /help and read the short helpfile with examples that was on the page. took less than half an hour to setup the new cert.