MousePointer属性和mousedown没有关系。
前者只是改变指针的形状而已，后者是一个事件。
如果你希望MousePointer属性导致执行效果不同，可以这样：
Private Sub Form_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
Select Case Me.MousePointer
Case 1
MsgBox "1"
Case 2
MsgBox "2"
End Select
End Sub
