yes it could be done as you said but once the excel r word doc file is renamed it looks for link,

I am looking for excel as an help only file not a permanent connected file,
The main changes are to be done in word doc file only
there is no need for excel as far as word doc is concerned, I am using it to make work easy as once i collect the values at one place that is excel, rest could be automated through as you say macro,

The macro or program which you suggested to the link you provided, looks fine
except

1. Instead of hyperlink we need relevant cell value to be replaced in word,
2. Condition to replace the found word(in word doc) with cell value YES, and No for to look next similar word and replace it,

Hope this helps