It can be done.
Things to think about:
- what happens when MS releases a new version of Excel, and the old link stops working, ditto for new releases of Acad.
- what happens if somebody on another PC in your company tries to edit your drawing, do they need access to the .xls file, and can you guarantee that the file won't get lost?
- same as above, but the user blows away your .xls import and overwrites the info with a text box...