Have you tried using the IBM DB2 for i provider IBMDA400 OLEDB that is part of IBM i Access?

I tested it briefly with Excel 2010 and it worked perfectly. The driver can be installed directly from the IBM system using the path UNC \\system\QIBM\ProdData\Access\Windows\cwblaunch.exe .
How to configure OLE DB Provider for DB2 to connect to IBM I (AS / 400)
ISP

COMPOUND

DATA SOURCE
The optional Data source parameter specifies the Universal Data Link (UDL) file in which the settings are saved.
NETWORK
The Network parameter must be TCP/IP Connection . You must click the ellipse and configure the IBM i IP address.

Security
Security settings are self-explanatory.
Database
The Initial Catalog parameter refers to the name of the relational database configured on the AS / 400 system. It can be found using the DSPRDBDIRE from a terminal session. By default, the system name (serial number) or RCHASE12 .

Package Collection is the name of the library in which the temporary objects required by the Microsoft OLE DB Provider for DB2 will be created.
Default schema is the default library name for unqualified objects.
ADVANCED

DBMS platform
Select DB2/AS400 .
TEST

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