Yah, it's easy to ad-hoc something up as "better than nothing". The only thing I would say is "Don't believe it's encryption." It just not human readable without some effort.

The other concern, is that if you store the information in the module as string literals even if you password protect the document and the vbProject... The literals will not be encrypted. Meaning you can open up the document in notepad and read the list fairly easily. I don't know how advanced your cheaters are, but that seems like a low entry barrier to me (Which, btw, is one of the many reasons why you should never ever "hard code" a password.

So even if you store them in the module, you might consider obfuscating them a little