I know this is an old thread, but I believe I have found a good workaround for this problem which might help other people. I had pretty much the same problem and ended up "washing up to shore" here at this forum a little while ago.
Microsoft applications like Access and Word do this crazy thing where they annoyingly automatically center text within inline (non-floating) labels - but they don't really have a "vertical alignment" option that I know of - so the label text is always just higher than everything else (ARG!!!); However, it is possible to chop off some of the excess space below the text in a label so it looks like the text is perfectly inline (haHA!).
In WORD I do this (probably same for Access too):
Note: This is for Times New Roman 12pt font. You might have to crop a little more or a little less with a different font and size!
Go to View->Toolbars->Visual Basic (adds the VB
toolbar - leave alone if already checked)
Click on the symbol with a blue triangle, ruler and pencil to go into "Design Mode". If you're already there: ok good.
Right-Click on the label you want to format - and select "Format Control..."
A window named "Format Object" should pop up and you should be in the "Picture" tab. It should say "Crop from" in the window and in the "Bottom:" field type 0.09". Yes that's 9/100 inches. Press OK. (You're cropping 0.09" off the bottom of the label - which I think is about 6 or 7 pixels [if your resolution is 1280x800? - not important]).
The text in the label will look really weird and distorted at first. That's ok. Click on the same Blue triangle/ruler/pencil icon again to exit "Design mode" and everything should fall nicely into place.
This is some VB script that I think will do pretty much the same thing for those crazy VB people (I like Java and C++ but who cares). Atleast this is what the macro recorder doohickey spit out when I did the above steps.
Selection.InlineShapes(1).PictureFormat.CropBottom = 6.48
Hope that helped ;)
I need some coffee.