You are just gonna have to tinker with it. You probably will need to set the placeholder text as well:
Sub ScratchMacro()
'A basic Word macro coded by Greg Maxey
Dim oCC As ContentControl
Dim lngIndex As Long
Dim lngLE As Long
Dim lngType As Long
Dim bConvert As Boolean
lngIndex = 1
For Each oCC In ActiveDocument.Range.ContentControls
bConvert = False
If InStr(oCC.Range.Text, "INSERT") > 0 Or InStr(oCC.Range.Text, "SELECT") > 0 Then
If oCC.Type = 3 Or oCC.Type = 4 Then lngType = oCC.Type: oCC.Type = 1: bConvert = True
oCC.Range.Text = Replace(oCC.Range.Text, "INSERT", "Field_" & lngIndex)
oCC.Range.Text = Replace(oCC.Range.Text, "SELECT", "Field_" & lngIndex)
lngIndex = lngIndex + 1
If bConvert Then oCC.Type = lngType
End If
If oCC.Type = 3 Or oCC.Type = 4 Then
For lngLE = 2 To oCC.DropdownListEntries.Count
If InStr(oCC.DropdownListEntries(lngLE).Text, "INSERT") > 0 Or InStr(oCC.DropdownListEntries(lngLE).Text, "SELECT") > 0 Then
If InStr(oCC.DropdownListEntries(lngLE).Text, "INSERT") > 0 Then
oCC.DropdownListEntries(lngLE).Text = Replace(oCC.DropdownListEntries(lngLE).Text, "INSERT", "Field_" & lngIndex)
End If
If InStr(oCC.DropdownListEntries(lngLE).Text, "SELECT") > 0 Then
oCC.DropdownListEntries(lngLE).Text = Replace(oCC.DropdownListEntries(lngLE).Text, "SELECT", "Field_" & lngIndex)
End If
oCC.DropdownListEntries(lngLE).Value = oCC.DropdownListEntries(lngLE).Text
lngIndex = lngIndex + 1
End If
Next
End If
Next
lbl_Exit:
Exit Sub
End Sub