I think we have a terminology hurdle here so I will try my best to answer. I am not sure the word assigning is correct in this context.
From a featurelayer class instance or object, you can cast (.net terminology) or query interface (COM terminology) to any interface that the class implements, including IFeatureSelection. The IFeatureSelection property returns an ISelectionSet. The ISelectionSet return is an instance of either RelQueryTableSelectionSet, SelectionSet or TMSSelectSet, most likely a SelectionSet. No matter, since all three implement both ISelectionSet and ISelectionSet2, so you can cast (or QI) from one to the other. The ISelectionSet2 has the update method that is extra that returns a cursor you can use to loop through all the features and edit them. A search cursor is sufficient just to read the features.
You can also get at the features through their objectid (on the featureclass that you can get through the IFeatureLayer), the IDs property returns an array of the objectids of the selected features.
So in VBA it would look like this
dim fSel as IfeatureSelection
set fSel = featLayer
dim selSet2 as ISelectionSet2
set selSet2 = dSel.SelectionSet
if selSet2.Count > 1 then
dim upCur as ICursor
selSet2.Update(Nothing, false, upCur)
dim rw as IRow
set rw = upCur.NextRow
etc.