Using ArcGIS ModelBuilder to perform In-line variable substitution for input data path?

Does anyone know how/if you can use in-line variable substitution for an input path name in ModelBuilder for ArcGIS 10?

I used "get field value" to retrieve a code from one feature class, and I want to substitute that text string in two places in another input variable pathname.

For instance, if I used "get field value" to retrieve the code "ABC123", I would use that to call up a raster (make raster layer) with this path name: "D:\Data\Rasters\%ABC123%\el_%ABC123%

Does anyone know if this will work?

ModelBuilder won't recognize this as a valid path name right now.