Thanks for your response aledlund, I did a little more tinkering with the database wizard and figured out how to make it work. I am running into the same problem as the gentleman in the post below. The database wizard either allows you to link all the shapekeys to a default value, or you can select none. Either way, linking the shapekeys requires a right click and then manually linking the shape to the excel worksheet. I'm not sure if anything has changed since the post below, but this pretty much kills my idea. Manually linking 8000 shapes is as bad as manually editing the shape text, which is what I was trying to avoid.
Again, thanks for your help.
http://visguy.com/vgforum/index.php?topic=1235.0Edit:
Al, I also saw you were involved in this thread on another forum, same problem I am having. Thanks.
http://help.wugnet.com/office2/Link-existing-data-drawing-database-refresh-ftopict847691.html