There is another, shorter approach, but this ends with an "Object not found" error message for line "oFootnote.Delete".
Code:
Sub MoveFootnotes()
Dim oFootnote As Footnote
Dim oRange As Range
Dim refNumber As String
Dim text As String
For i = ActiveDocument.Footnotes.Count To 1 Step -1
Set oFootnote = ActiveDocument.Footnotes(i)
Set oRange = oFootnote.Reference
refNumber = oRange.text
text = oFootnote.Range.text
oRange.text = "[" & refNumber & ": " & text & "]"
oRange.Font.Color = wdColorRed 'color the reference number to red
oRange.HighlightColorIndex = wdGray25 'highlight the text in 25% gray
oFootnote.Delete
Next
End Sub
If I delete line "oFootnote.Delete" (or simply put an ' sign to make it a remark) the macro works fine, but the end result is that footnote text placed inline is red (in addition to having gray highlight), and the reference numbers are missed, there is a question mark everywhere instead of them.