Yes, I just did that, only with a slight modification to your idea.
The 'Find = ^g^p' pattern did not seem to find and replace all the images in the document. Although I am not 100% sure, I believe it failed to replace those images that were not followed by a new line/paragraph. Anyhow, I'm positive it was something related to how the image and the text that followed it were formatted in the source HTML page.
The code below seems to work better, as I tested it quite well.
Code:
Dim oILShp As InlineShape
For Each oILShp In ActiveDocument.InlineShapes
ActiveDocument.Range(oILShp.Range.Start, oILShp.Range.End).Text = "[IMAGE REMOVED]"
Next
Selection.Find.ClearFormatting
Selection.Find.Replacement.ClearFormatting
With Selection.Find
.Text = "[IMAGE REMOVED]^p"
.Replacement.Text = ""
.Forward = True
.Wrap = wdFindContinue
.Format = False
.MatchCase = False
.MatchWholeWord = False
.MatchWildcards = False
.MatchSoundsLike = False
.MatchAllWordForms = False
End With
Selection.Find.Execute Replace:=wdReplaceAll
Thank you!
Alex