Hi Michael,
I do not know of a way to estimate hourly production distribution for a PV system using only weather data from a TMY2 file and a simple equation. That kind of approach works better for annual or monthly estimates, where you just need a very rough estimate of a system's total annual output. For hourly predictions with a minimum of calculations, I think the PVWatts hourly simulation is a good way to go.
In the latest update to SAM 2016.3.14 (Revision 4), we snuck in a new capability that might be hepful for you. On the case menu, you can use the new "Generate code" command to create VBA code that will run SAM from an Excel workbook. That would allow you to run SAM directly from your workbook. You could even dynamically download a weather file from the NSRDB database for a specific location. This approach would eliminate the need to maintain a large database.
Best regards,
Paul.