Well briefly shape tweening is done in a similar way to motion tweening. You specify a start state and an end state, and Flash will ‘fill in the gaps’ for you when you apply the tween.
However, there are some differences you should be aware of.
First, you can tween symbols. No go, it just won’t do it. You have to get the actual fill / text / shape in the movie, not an instance of it. So yes, if you’re using text, you’ll need to break it apart twice (once into each letter, then again to get the fills).
Secondly, shape tweening is not the most precise tool there is going. If you’re tweening a complex shape, you might find it all goes a bit wonky in the transition - you lose the shape. To avoid this, use the shape hints tool to pick out key places in your tween that you don’t want to become amorphous blobs. This way you should keep the rough shapes of the images while it plays.