Is there a way to color the heart red as part of the macro, and then also as part of the macro have the cursor go to the next space and revert to black?
First, type the heart you want into Word and color it red. If you want it a specific point size, do that next. Copy the heart to the clipboard (you can't apply formatting to existing text while creating a macro).
Start your macro creation. Give it the same name if you already did one. You'll be asked if you want to replace the current macro you made for placing a heart. It would make the most sense to overwrite the current one with what you really want it to do.
Then, follow the procedure above up to the point where Word is waiting for you to start doing something.
1) Paste the heart. It should come in colored red and at the point size that's on the clipboard.
2) Now, with the insertion bar being directly after the heart, change the font to whatever you use as the default and the point size. Make it black if Word isn't already showing that as the color. Press space.
3) Stop recording.
Now when you press your keyboard shortcut, your red heart will be placed and immediately followed by a space which sets your font back to black and the typeface you changed it to, ready to continue typing your normal text.
If you want, you can make things slightly quicker in step one by first pressing space, paste in the heart then set the font back to normal and press space again. Stop the recording. What that small change will do for you is allow to stop typing the word you're on before using the heart, then press your shortcut. It's only one key you're saving time on, but still, it's quicker than, word - space - shortcut - back to typing. Instead, the shortcut then gives you your leading space and it's, word - shortcut - back to typing.