I worked on it a bit more today. I removed the AC and STR rating input fields and replaced them with a series of options in the Item Type selection box. I think this method is probably better. In addition I added some more options to reflect crafting possibilities in the Ultimate Equipment rules.
I also added the tools selection type and fixed a few bugs, adding some error trapping.
I'm working towards a bug free, flawless representation of the options in the OGLed rules.
Stay tuned for more, and feel free to download the file, modify it, and submit the new file to me. If it's better than mine I'll be happy to either include the changes or provide it as another download.