You can do the following (I think)
If mouse enter the field, to show the hyperlink text and allows for editing.
To follow the link double click the field.
Assume the hyperlink field is (hl)
Private Sub hl_DblClick(Cancel As Integer)
hl.Hyperlink.Follow
End Sub
Private Sub hl_Enter()
hl.SelStart = 1
End Sub
Private Sub hl_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
hl.SetFocus
hl.SelStart = 1
End Sub