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Nothing new here... this was one of my first challenges and I use it in real life regularly. I've also built on this skill to output multiple excel files based on a field which is a bit more challenging.
Tried it by blending the data with the join tool and it worked, but used this method to get the answer a bit more efficiently. This creates the directory path in a text input then appends to every record. After that the formula tool adds to the file directory end path and the entire path is updated with the output tool using the field 1 column.