I'm following this thread intently, since I'm also close to dissertation-writing mode.
I recently finished up a fellowship proposal in Word, and did all right with the figures. The trick for me was to make all of the figures in Photoshop (including the ones with Excel graphs), except for the vector-based ones, and pasted them into Word. I used a text box to create the caption, grouped the caption with the figure, and then set the wrapping to "Square" I usually try to keep the figures either along the left or right margins. It worked reasonably well, and is the best I've come up with. If anyone can do better, I'd love to hear. I'm sure LaTeX is great and all, but learning it might be more of a headache than just going through Word.
I recently finished up a fellowship proposal in Word, and did all right with the figures. The trick for me was to make all of the figures in Photoshop (including the ones with Excel graphs), except for the vector-based ones, and pasted them into Word. I used a text box to create the caption, grouped the caption with the figure, and then set the wrapping to "Square" I usually try to keep the figures either along the left or right margins. It worked reasonably well, and is the best I've come up with. If anyone can do better, I'd love to hear. I'm sure LaTeX is great and all, but learning it might be more of a headache than just going through Word.