The EP dev tools setup installs EP project and control templates and Visual studio Add-In for VS 2008. EP dev tools requires that EP is installed on the same box.
The Web Site project template AxWebProject.zip is installed in My Documents folder under Visual Studio 2008\Templates\ProjectTemplates\Visual Web Developer\CSharp and page and control templates AxWebpartPage.zip and AxWebUserControl.zip under Visual Studio 2008 \Templates\ItemTemplates\Visual Web Developer\CSharp.
The Add-in is installed in Program Files\Microsoft Dynamics AX\50\EnterprisePortalTools and is added to the VS Add-in files path and enabled.
(1) You can check this in VS Tools->Options->Add-in you should see
(2) In VS Tools -> Add-In Manager Dynamics AX Enterprise Portal Tools must be enabled.
To check if everything is installed corrected, when you create a new Web Site Project in VS 2008 C#, you should see Dynamics AX Web project template. After creating the project, in the solution explorer when you right click on app_code folder you should get Generate Proxies menu option.