The idea does have merit. On the average case it should be able to work.
A few things may be an issue with implementation, one of which would be excel macros. As it stands excel undo cannot regress past the last use of a macro. I suspect a state list may encounter a similar roadblock.
As it stands excel can be very very slow on large sets of data.
On a sufficiently complex and clean model, I've seen load times and computer slow downs which begin to make Tokyo traffic seem mild, if it doesn't just hang.