This is possible here is an example from our data mapping excel file.
Blue SUBTYPE sheet:

Green Mapping Sheet:

One possible helpful hint I learned when doing my initial data loading you can have multiple LookupKeys. You can call two or more columns from your blue sheet to determine the value returned.
As example this looks at the HYDRFLAG sheet and will first look at the SUBTYPE column value and then the HYDRFLAG column value on the blue sheet to determine which asset group and asset type codes to return:
Green Mapping Sheet:

Blue Sheet:
