You can easily use hTooltip together with iGrid ActiveX to display an individual tooltip for every cell. Here is the basic code snippet for the form's module:

Dim hTT As New CTooltip

Private Sub Form_Load()
   Dim grd As iGrid
   Set grd = iGrid0.Object
   With iGrid0
      .ColCount = 3
      .RowCount = 5
   End With
   With hTT
      .Title = "hTooltip"
      .Icon = httIconInfo
      .Text = "Hello from hTooltip!"
      .CreateForVBCtrl grd
   End With
End Sub

Private Sub iGrid0_MouseEnter(ByVal lRow As Long, ByVal lCol As Long)
   hTT.Text = "Row: " & lRow & ", Col: " & lCol
End Sub

If the tooltip has appeared, and you move the pointer from one cell to another, the tooltip text is changed accordingly like on the attached screenshot.

Sure, there can be more complex scenarios. For instance, you may need to hide the tooltip when it is on an empty space (outside of any cell). Such iGrid events like MouseLeave/MouseMove which provide you with the row and column indices and CTooltip's methods (Hide, Show, ...) will help you in that.
Igor/10Tec attached the following image(s):