I think I'm having the same kind of issue - changing hyperlink base doesn't work
I've two folders with files in them
z:\\01 Quality Assurance\QA docs\ - contains my documents
z:\\01 Quality Assurance\QA records - the spreadsheet with a list of docs I want to hyperlink to
I followed the directions for Excel 2010 to change the hyperlink base: file, properties, advanced properties, summary and in the "hyperlink base" box entered z:\\01 Quality Assurance\QA Docs\
When I do Insert & click Hyperlink, the dialog box opens to QA Records not QA Docs. Why?