I don't think there are obfuscators for VBA. If I'm not mistaken, VBA
doesn't have the ability to redefine keywords and operators which is needed
for obfuscation.
To be honest, I don't have a lot of experience in securing VBA projects
other than password protecting the project. That's always served my needs,
but I know it's not 100%, just as most things aren't anyway. I do know that
later versions of Word, starting around Word 2000, do have better encryption
methods than previous versions so you might want to look a little further
into the password protection method. You might also ask in one of the Word
VBA newsgroups for more input. I think all you're getting here is mine and
it's possible I'm not thinking of something. I prefer to have more than one
set of knowledgeable eyes for questions, that way I know you're getting the
best answer.