Being intimately familiar with both SQL databases and Excel, here are my 2 cents:
First, it depends on the data. If you're just listing Backup Drive #X and Project #Y, then Excel is probably sufficient depending on how many projects/drives were are talking (dozens, hundreds, thousands?). If you are storing more data than that, then a database can be more ideal. Especially if you need to run searches on specific criteria. But judging from the OP, that doesn't sound like the case.
Another thing to consider is migration: Excel is pretty ubiquitous. Most people know how to use it and it's relatively easy to learn, so if you quit and someone else takes over then it's probably not an issue for them to use/adopt the same spreadsheets you were using. SQL and general database management is more specialized; not a lot of people know how to create/use them, so if you ever leave your job, then it could be more problematic for the next guy.
Also, the "do it right the first time" mantra is a good idea in theory. But this assumes you really do "do it right". I've seen cases where databases have been set up incorrectly from the get go, and as a result can be a PITA to fix later. If you don't have a background in database management/SQL, then trying to set it up from scratch will be a learning curve and chances are you'll make mistakes. So I wouldn't necessarily recommend doing that until you know what you are doing.