OK, now I think I understand.

{ IF { LINK Excel.Sheet.8 "C:\\Documents and Settings\\*FAKE FOLDER\\FAKEFILE.xlsx" "Sheet1!R2C1:R2C3" \a \f 4 \r \* MERGEFORMAT } > 0 "Field1: { LINK Excel.Sheet.8 "C:\\Documents and Settings\\*FAKE FOLDER\\FAKEFILE.xlsx" "Sheet1!R2C1:R2C3" \a \f 4 \r \* MERGEFORMAT}
" "" }

Again, I think you would be better off using mail merge structure rather than link. The line above inserts your value from your spreadsheet if that value is greater than 0, together with an identifier "Field1: " here. It also inserts a new paragraph. If the value is blank or not greater than 0, it will not insert anything.