I completed a degree from Excelsior in 2007 through testing out of all but two courses. I have enclosed the plan here, and hope it helps those who are looking for some direction in proceeding along this path. I strongly recommend having all plans approved in writing by your school before tests beyond general requirements are taken. I understand there have been many changes at Excelsior, so this plan is likely not fully usable in its current form.
One mistake I made in completing the degree plan attached above, was that when I took the GRE/Pychology, I did not know that I was duplicating many of the credits I had previously acquired. Therefore, I simply lost the additional credits. I had not informed Excelsior I was planning to take the GRE, so I was not informed of the issue beforehand.
I have since completed two Master degrees, and there were no issues in being accepted into either program. However, I made sure my gradepoint was above 3.5., so I could avoid entrance testing or probationary periods.
Eh, sometimes taking a few extra CLEPs isn't a bad thing. I'm going to take a few of the "easier" ones just to show the guy who writes my evals that "I got 30 credits in a few months using CLEP" blah blah blah...