Can it be done? I'm sure it can, although I would take a long time to be able to do it. It would probably be easier in Access, but Access does not have the document finishing capabilities of Word. This would be a major project for me, taking days, if not months, of uninterrupted time. Is it worth it to you to spend that kind of time?

If so, someone here will probably be able to give you pointers. If done in Word, you will need a highly structured document, probably with all or most of the formatting done in styles. Or, at least all formatting of the headings for the parts you will want to pull out.

By the way, "master document" is jargon for a Word feature you do not want to be using. Master Documents "Feature"

You may also want to look into AutoText and other Building Blocks. Automated Boilerplate Using Microsoft Word