Got something that works finally
Not as robust as I would like but it seems to have the basics. Still Open to ideas and suggestions
Option Explicit
Sub AddCaptionToSelectedShape()
Dim sShapeName As String, sCaptionName As String
Dim sCaption As String
'make sure a shape-type thing is selected
If Selection.Type <> wdSelectionShape Then
Call MsgBox("Sorry, you have to select a Shape (or Picture) first", vbCritical + vbOKOnly, "Enter Caption")
Exit Sub
End If
'get caption from user
sCaption = InputBox("Enter the caption for the selected item", "Enter Caption")
If Trim(sCaption) = 0 Then Exit Sub
If Selection.Type = wdSelectionInlineShape Then
Selection.InlineShapes(1).ConvertToShape.WrapFormat.Type = wdWrapSquare
End If
sShapeName = Selection.ShapeRange(1).Name
'add picture caption
Selection.InsertCaption Label:="Figure", TitleAutoText:="", Title:=sCaption, Position:=wdCaptionPositionBelow, ExcludeLabel:=1
'get rid of field with number
Selection.HomeKey Unit:=wdLine
Selection.MoveRight Unit:=wdCharacter, Count:=1, Extend:=wdExtend
Selection.Delete Unit:=wdCharacter, Count:=1
'get off text and leave textbox selected
Selection.EscapeKey
sCaptionName = Selection.ShapeRange(1).Name
ActiveDocument.Shapes.Range(Array(sShapeName, sCaptionName)).Select
Selection.ShapeRange.Group
End Sub