Ok, didn't quite get all the way to where I wanted to be but got something that fits the bill.

I basically used the "Forms" tool to create editable text sections and then used bookmarks to allow me to go through them quickly, so:

Office for Mac 08

1. View in the top control
2. Toolbars
3. Check "Forms"

This then brings up the forms toolbar.

4. Then select the area you want and click "ab" to insert a text field.
5. Double click the area to:
a. put in a "default" value by clicking
b. Name the field
c. Create a bookmark

6. Then when you want to edit it click "GoTo (CMD+G) and you can select the bookmark you want.
7. Edit the field right there.

Hope that helps. May be an easier way to do it, but works for me.

Cheers,

Mark