Bad move. Content controls and formfields should not be used in the same document. They are not designed to work together and using them that way can cause the documents to misbehave.
Yes. I can't see what the issue is, unless you haven't figured out how to insert the hyperlink without the user selecting the insertion point, or you want to be able to want the user to be able to select the insertion point while the userform is displayed.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]

I can replace the form fields with content controls if having both in one document can cause it to misbehave. Yes I would like the user to be able to pick in the userform where they want the hyperlink to be placed. I'm thinking that I made need to do an array maybe? When they type the display text for the link, it captures the text box contents, then replaces it and adds the display text along with the original content. And the array would have the display text and address stored. Then when completed it inserts the contents into the content control and replaces the hyperlink display text entries with the formed hyperlink? But I don't know how to grab the cursor location, especially in a text box while in a userform.