Block replacement from mtext or text

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Lets say I have a block that's a square. Above said square is just regular text. Now lets say I have 100 of these in one drawing. I will be editing all of the text via an excel spreadsheet that I have linked to all the blank text to import data this data.
With that being said, is there a way to set up my "square" block to automatically change to an appropriate different block. For example, if I typed in triangle into my text, my square block would automatically change to my triangle block. If I typed in circle into my text, my square block would change to a circle block. This isn't exactly my scenario but I'm trying to simplify it for clarity.
If this can't be accomplished through AutoCAD, is anyone aware of any add-on applications that would be able to accomplish such a task.