I found the solution to my problem. A round-about search on Google yielded a custom ADM Template that accomplished exactly what I needed. Here is the template if anyone else runs into this problem:
CLASS USER
CATEGORY "Custom Office 2007 settings"
POLICY "Enable all Data Connections - Excel"
KEYNAME "Software\Microsoft\Office\12.0\Excel\Security "
VALUENAME "DataConnectionWarnings"
VALUEON NUMERIC "0"
VALUEOFF NUMERIC "1"
END POLICY
END CATEGORY
CATEGORY "Custom Office 2007 settings"
POLICY "Enable automatic update for all Workbook Links - Excel"
KEYNAME "Software\Microsoft\Office\12.0\Excel\Security "
VALUENAME "WorkbookLinkWarnings"
VALUEON NUMERIC "0"
VALUEOFF NUMERIC "1"
END POLICY
END CATEGORY
I extrapolated this a bit further by adding additional keys for PowerPoint, and Access which seems to be working just fine.
You need to import it into User Configuration - Administrative Templates. One critical note is to right-click Administrative Templates - View - Filtering and uncheck any checkboxes. If you don't do this, you will not see any of the settings when viewing the template in GPMC.


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