For PAD to do it would cause 2 loops on your data. 1 loop for each row in worksheet 1 and looping through to possibly find the matching row in worksheet 2. It's not a good time savings.
If you can do it with Excel formulas, then I would have PAD write the formula and copy it down to the last row. If that is not an option (such as "if worksheet 2 is not replaced by worksheet 1, then keep the value that already exists in worksheet 2", then put a new formula in a different column with that logic, and then overwrite the old column with the new column.
The other option is Excel VBA, if you know that, then PAD just opens up Excel, runs the macro, and is done. But the macro will be 100 times faster than PAD with this logic.