[quote user="Barry Lothian"] Is there any merit in using a database to store/manipulate the information?[/quote]
Yes: MicroStation VBA and other languages have DB connectively. With VBA, use Microsoft ActiveX Data Objects (ADO). Here's an article about MicroStation and Databases for Programmers.
[quote user="Barry Lothian"]I have never used a database before let alone used one with MicroStation[/quote]
There's nothing like an adventure. Keep in mind that you'll be replicating, in miniature, what ProjectWise does on a grander scale.