Word – Easiest way to make multi-page images in Microsoft Word

From Default Picture Settings :

If you have a need to format quite a few pictures using the same settings, the easiest approach is to create a quick-and-dirty macro to apply the formatting settings you want. You could then paste the picture, select it, and then run the macro. You can create such a macro by following these general steps:

1. Paste the picture in your document.
2. Select the picture you just pasted.
3. Start the macro recorder.
4. Make the size and position changes to the picture, as desired.
5. Stop the macro recorder.

Your macro is now ready to use. Whenever a new picture is pasted in your document, select it and run the macro to apply the "default" settings.

See also Assigning Shortcuts to Macros in Word 2007 :

If you really want to get the most out of your commonly used macros in Microsoft Word 2007, you can assign buttons or keyboard shortcuts to them so that the process of running these macros is even more efficient.

If you use the top/bottom wrap setting and anchor the image to the paragraph above or below - and "group" the caption (created AFTER the image is in top/bottom wrap mode) with the image - everything stays together and moves with the text.