Ah.. i missed the form... (i didnt open the project)

what i think:

Not bad...
You may find using Regular Expressions a better solution for doing this...
I still would prefer you to use IndexOf (as it is the vb.net way, and it still is using it anyway) (same with mid. (String.Substring)
You are using Option Explict, Option Strict
Modulization (splitting code up into classes, blocks) ok, you still do alot in your form.
Identing: good.

VB Code:
  1. Private Function isSpace(ByVal var As String) As Boolean
  2.         If var = Chr(32) Then isSpace = True
  3.     End Function
  4.  
  5.     Private Function isLetter(ByRef var As String) As Boolean
  6.  
  7.         If Asc(var) >= 65 And _
  8.             Asc(var) <= 90 Or _
  9.             Asc(var) >= 97 And _
  10.             Asc(var) <= 122 Then
  11.  
  12.             isLetter = True
  13.         End If
  14.  
  15.     End Function

could be replaced with
VB Code:
  1. Char.IsLetter("x"c)
  2. Char.IsWhiteSpace("x"c)

Its pretty good