Barsham,
Prior to seeing your suggestion, I ended up basically doing just that. I created a Windows popup form that had a button the user could click if they wished to stop processing. This was the only way that I could interrupt the Excel process.
So, once the user hits the "UPDATE" button on the ribbon bar, I display this popup form. If processing completes unimpeded, the form will automatically close. However, if the user hits the "STOP PROCESSING" button on this popup form, I am able to capture and change a global flag that is checked within the main update process loop.
Rob