Hi Matt,
we do this in our instance. It requires 2 steps I believe:
1. custom calculated field on task level with formula:
CONCAT("https://[yourdomain].my.workfront.com/task/",{ID},"/updates")
2. Field in a report with following text mode:
displayname=[Column name]
link.url=customDataLabelsAsString([Custom field name])
namevalue=[Custom field name]
textmode=true
valueexpression=IF(ISBLANK({DE:[Custom field name]}),"","Updates")
valueformat=HTML
This will give you a hyperlinked Updates
Hope this helps