i have contacted david carlisle, the author of type1cm.sty, and with his permission i have corrected the errors in the package that i know about.
i have installed the new version of the package source on ctan - macros/latex/contrib/supported/type1cm/type1cm.fdd
there were two errors i knew of (in the coding of the use of cmbx and cmti fonts), and bob tennent pointed out a third, in the use of euex10.
if anyone should spot any further problem with this new version of the package, they should report it to me and i'll put it right on the archive. there shouldn't be any, since i've scanned the file for other errors ... but i missed euex :-(
Robin Fairbairns
For the CTAN team