Sub Demo()
Dim iShp As InlineShape, Shp As Shape
With ActiveDocument
  For Each iShp In .InlineShapes
    iShp.ConvertToShape
  Next
  For Each Shp In .Shapes
    With Shp
      .LockAspectRatio = True
      .Height = CentimetersToPoints(3.5)
      .LockAnchor = True
      .WrapFormat.Type = wdWrapBehind
      With .Line
        .ForeColor.RGB = RGB(0, 0, 0)
        .Weight = 0.5
        .Visible = True
        .Style = msoLineSingle
      End With
    End With
  Next
End With
End Sub