VBA still works in ArcGIS... for now.
Also, you should describe your work flow and how you will be using this code as it is not at all apparent from your code alone.
VBA is supported in the same manner in 10.1 as in 10.0. I'd imagine it is the same for 10.2 though I haven't used it yet.
How you describe your process seems simple enough, you shouldn't have too much trouble converting this to arcpy.
My understanding is that at 10.1 you can only read and run VBA code, but you cannot edit or create new VBA code. At 10.2 it should be gone if ESRI follows through with the game plan they laid out over 3 years ago. VBA is deprecated because Microsoft abandoned it and won't sell any more licenses. ESRI is using up licenses they purchased years ago (probably when they partnered with Microsoft for a time).
My understanding is that at 10.1 you can only read and run VBA code, but you cannot edit or create new VBA code. At 10.2 it should be gone if ESRI follows through with the game plan they laid out over 3 years ago. VBA is deprecated because Microsoft abandoned it and won't sell any more licenses. ESRI is using up licenses they purchased years ago (probably when they partnered with Microsoft for a time).