I do have a working Panther installation and the same version of Address Book as Julio, though I don't use it and know nothing about it. On opening the application and choosing Import from the File menu, I have only two options: "vCards" and "LDIF". I have no idea whether saving an Excel file as a tab- or comma-delimited text file (which is easy) would make it possible to convert the entries in it to vCard or LDIF format using some third-party utility. If so, that intermediate step might enable Address Book to import the data. If not, then I suspect AB 3.1.2 isn't going to be able to import the Excel data.
There is an "Import Helper" script in my Library/Scripts/Address Book Scripts/Helper Scripts folder, but I know even less about AppleScript than I do about Address Book, and I can't tell from the negligible information provided about that script exactly what its function is, or what problem it's designed to help with. Sorry...