I asked about the advantages because I stumbled on an interesting alternative while setting up a structure like Bob already described. (Just "another way to skin a cat" as Linq puts it.)
if you have the text box formatted to look like a button, you still need to have the locked property set to yes (if you don't want changes to the caption which is the text of the text box) and in order for the user to not have it highlight the text or have the cursor inside of the text box you would need to set the enabled property to NO which then renders it useless as the click event isn't recognized then.
Locking is obvious since it is intended to act as a button and we don't want the "caption" edited.
However the Enabled property needs further attention.
An interesting ability of using the textbox directly as a simulated button is being able to actually enable it according to the Conditional Formatting. The Enabled property is set to No and the Conditional Format set to enable it on condition by ticking the Enabled box in the formatting setup.
(BTW. In VBA this is the FormatConditions(x).Enabled property)
The overlayed technique can only use the Conditional Format on the textbox to make it look as though the button is disabled. Of course the procedure can also incorporate the code to subvert the action but that requires extra code to to test the intended Enabled state of the button.
However, as Bob pointed out, avoiding the focus is a real issue because that would give the game away.
When the simulated button is disabled it cannot receive focus. To prevent the highlight of the "caption" while it is enabled, simply move the focus somewhere else in the click procedure. (Also the double click procedure if you are really concerned about the user finding a way move into the "button".
If the button, say, opens another form then the deception is complete without a hint of having had to move focus. Even if we stay on the same form, a button often does something that can more or less logically justify moving the focus to another control.
I find that this minor fiddle with the focus is more than compensated by saving one extra control (particularly the hassles with selecting controls that share the same location) and the saving of code to subvert the click when the button is supposed to be disabled.