Here's a couple of macros you could assign to keyboard shortcuts to do the grouping/ungrouping and applying the 'square' wrap format in one go:
Code:
Sub ReGroup()
With Selection.ShapeRange
.Group.Select
.WrapFormat.Type = wdWrapSquare
End With
End Sub
Sub UnGroup()
With Selection.ShapeRange
.UnGroup.Select
.WrapFormat.Type = wdWrapSquare
End With
End Sub