Great idea to allow the dataSet editor to paste in values from Excel (You already can select dataSet values and copy them, then paste them to Excel).
I would recommend putting those descriptions in an Excel spreadsheet then importing that into your SQL database. That will be much more managable than saving the states in a component’s dataSet.
You’ll probably want to add a column that describes state number and a column that describes which indicator. You can then use a single table for all indicators and all states. You might want multiple tables, depending on what you’re doing and how dynamic you want it to be. Colby’s response in this post describes how you can save your Excel spreadsheet as a CSV file them import it into MySQL, here
You’ll then be able to create a multistate indicator object for your palette that has dynamic properties that define indicator number and state. This one object should work for all indicators.