It certainly is possible to access the options through VBA -- but not by using
the recorder. You'll have to modify the recorded macro manually (see
http://www.word.mvps.org/FAQs/MacrosVBA/ModifyRecordedMacro.htm).

If the inserted image is in line with text, it will be an InlineShape object --
the recorded code will be something like

Selection.InlineShapes.AddPicture FileName:="C:\pic.jpg"

First you have to assign it to a variable, by making these changes (note the
added parentheses):

Dim myInlineShp As InlineShape
Set myInlineShp = Selection.InlineShapes.AddPicture(FileName:="C:\pic.jpg")

Then you have to convert that to a Shape object, which VBA stores in a different
object collection:

Dim myShp As Shape
Set myShp = myInlineShp.ConvertToShape

Finally you can modify the shape's .WrapFormat object, which has a property for
each of the items in the Layout Options dialog page:

With myShp.WrapFormat
  .Type = wdWrapSquare
  .DistanceTop = 24  ' points
  ' etc.
End With

If the original picture is inserted with any wrapping other than In Line With
Text, then the recorded text will use ActiveDocument.Shapes.AddPicture. You can
assign that directly to a Shape object (again using the Set keyword) and skip
the part about converting from an InlineShape.

--
Regards,
Jay Freedman
Microsoft Word MVP        FAQ: http://word.mvps.org
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