Erik,
I've never had the chance to fully explore AutoCAD dbconnect and the potential (if any) to create links with Excel sheets. What I have seen though seems pretty limited. Have you tried posting in the 'connectivity' newsgroup?
However, I do know of a program called Excellink 2000. I used the trial version recently whilst exploring database connectivity. It seemed to export attribute and block data to Excel sheets quite well.
Take a look at http://www.cadstudio.cz/excellink.htm
Unfortunately, our drawing information is stored within ADT property sets. Moving from one information type to another would be too labour intensive considering the sheer number of DWG files in our system.
Were currently settled on a modified version of Peter Funk's 'ADT to Access' VBA script although a lot of customisation is still required.
Good luck,
Paul Turnbull
Neighbourhood Services
South Tyneside Council
South Shields
United Kingdom