The solution I actually went with was the following:
- Save a copy of the clipboard state
- Clear the clipboard
- Generate the data I want in a tab/newline delimited format, push it to the clipboard
- Simulate a Ctrl+V operation to Excel
- Clear the clipboard
- Restore the original clipboard state
Obviously this is localized to cell manipulations, so you can't push arbitrary operations/callbacks to the undo stack. Also, I'm clearly violating principles around clipboard use in Windows, but if Microsoft exposed a better API for such things (hint), I wouldn't have to.
Additionally, I didn't go with the solution I described in the first comment on David Zemens' answer because I hit some security violations in our environment (i.e., injecting VBA code into a workbook is a no-no).
Anyways, thanks everybody!