And just so you're aware you'll likely have thousands of updates configured to present to your environment. And it's likely that there will be very few computers that have an identical updates list.
Is your goal really to check agent health or are you after compliance data? The built-in reports should be alright for compliance, at least.
Personally I've wanted a report in SMP7 that you can enter a computer and have it spit out list of all of the applicable updates and when/if they've been installed. I had this in NS6 :(