Hi pjs,

The following macro will reformat all your document's 'floating' shapes:
Sub Reformat()
   Dim oShp As Shape
   For Each oShp In ActiveDocument.Shapes
       With oShp
           '.LockAspectRatio = msoFalse
           .Height = InchesToPoints(1)
           '.Width = InchesToPoints(1.33)
           .RelativeHorizontalPosition = wdRelativeHorizontalPositionMargin
           .Left = wdShapeLeft
           With .WrapFormat
               .AllowOverlap = False
               .Side = wdWrapRight
               .DistanceTop = InchesToPoints(0)
               .DistanceBottom = InchesToPoints(0)
               .DistanceLeft = InchesToPoints(0)
               .DistanceRight = InchesToPoints(0)
               .Type = wdWrapTopBottom
           End With
       End With
   Next
MsgBox "Finished Reformatting."
End Sub

Note that there are two lines commented out. Ordinarily, the aspect ratio is locked, so changing the height affects the width also.
If it doesn't, then uncomment the line '.Width = InchesToPoints(1.33)'. If you're wanting to change the aspect ratio also, also
uncomment the line '.LockAspectRatio = msoFalse'.

If you only want to work with the selected shape(s), change 'For Each oShp In ActiveDocument.Shapes' to 'For Each oShp In
Selection.ShapeRange'

Cheers