I used to use MS Word mail merge to make playtest versions of cards. But then I finally threw in the towel and wrote a perl script to take the same data (now in tab-delimitted form) and write out postscript directly. The added bonus is that the script sizes the text to match the physical constraints of the card (that is, the text point size is decreased until fit into whatever bounding box I specify, rather than the box growing bigger as MS word likes to do). And I can insert eps files (icons) anywhere in the text -- they flow with the text and are sized proportionately to the text -- in addition to putting icon in "fixed" positions at various places on the card of course.
Give it a try -- postscript isn't that difficult to learn if you already know some procedural programming language.