Solution found! One of our Excel gurus came up with a VB module, the code
for which appears below. The only change you'll need to make is to the
ChangeServerName() subroutine, which replaces an old string with a new
string. The instructions for actually using this module include a lot of
screen prints in a Word document, which won't travel well in the
midrange.com email group, so if anyone is interested in getting the Word
document, shoot me a private email, and I'll send it to you.

Public Sub ReplaceHyperlinkURL(FindString As String, ReplaceString As
String)
Dim LinkURL, PreStr, PostStr, NewURL As String
Dim FindPos, ReplaceLen, URLLen As Integer
Dim MyDoc As Worksheet
Dim MyCell As Range
Dim ws As Worksheet
On Error GoTo ErrHandler
For Each ws In ActiveWorkbook.Worksheets
'Set MyDoc = ActiveSheet
Set MyDoc = ws
For Each MyCell In MyDoc.UsedRange
If MyCell.Hyperlinks.Count > 0 Then
LinkURL = MyCell(1).Hyperlinks(1).Address
FindPos = InStr(1, LinkURL, FindString)
If FindPos > 0 Then 'If FindString is found
ReplaceLen = Len(FindString)
URLLen = Len(LinkURL)
PreStr = Mid(LinkURL, 1, FindPos - 1)
PostStr = Mid(LinkURL, FindPos + ReplaceLen, URLLen)
NewURL = PreStr & ReplaceString & PostStr
MyCell(1).Hyperlinks(1).Address = NewURL 'Change the URL
End If
End If
Next MyCell
Next ws
MsgBox ("Update Complete")
Exit Sub
ErrHandler:
MsgBox ("ReplaceHyperlinkURL error")
End Sub

Sub ChangeServerName()
Call ReplaceHyperlinkURL("\\OldServer\vol1\prodmgmt\common\Library\<file://oldserver/vol1/prodmgmt/common/Library/>",
"\\NewServer\VOL1\prodmgmt\common\Library\<file://newserver/VOL1/prodmgmt/common/Library/>
")
End Sub

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