Hi Breck,
I looked at EXECUTE in all it forms (shudder!) but the difficulty of getting the result set into an xls/txt is a bit of a deal breaker. Sure, I guess it can be done with lots of coding but it's very difficult to keep it truly dynamic. It's much easier to throw the string into a file and have dbisql execute that, with an OUTPUT tacked on the end. Being simple, I like to keep it stupid. 
Thanks, Paul