A sneaky way I used to do it was to create a custom control, remove the background from it and paint my shapes and sizes on it. Then, you can easily implement selection (override OnClick), dragging and resizing (OnMouseDown, OnMouseMove, OnMouseUp). You can then implement options like color, etc. by means of a property (see Browsable attribute and property get/setters) and a PropertyGrid control.
Anything beyond that, though - Bezier curves and such - would need something a tad more advanced, though.
The alternative is to only use such controls for the sizing handles, and do all the drawing on one central canvas - the only drawback then is figuring out how to select a shape on the canvas.