You could override menu accelerator Alt keychords by using the OnKey method if you first changed the Caption property of the menu. E.g.:
Private Sub Workbook_Open()
ActiveMenuBar.Menus(4).Caption = "Insert"
Application.OnKey "%i", "module1.MyAltIprocedure"
End Sub
Private Sub Workbook_BeforeClose(Cancel As Boolean)
Application.OnKey "%i"
ActiveMenuBar.Menus(4).Caption = "&Insert"
End Sub
Now that Excel 2007 intercepts those keychords as "Office 2003 access keys," I don't know how to disable their interception; I'm afraid it's hard-coded, and not as an event.