The nearest you'll get is something like the process described in: https://www.msofficeforums.com/drawi...ture-will.html
With the MACROBUTTON solution (doc format only), you could replace one of the images with a text string. To alternate between text and images in a docm document would be rather more convoluted, however.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]