+4  A: 

Rather than regex, you could try loading it into the HTML agility pack? If it was xhtml, then an xslt transformation might be a good option.

Marc Gravell
A: 

In the end, once I got more comfortable with TFS, I customized the work item type to include a new HTML Field, and just copied the contents into that field.

This solution was so much better, because we could now see the intended formatting of the field.

Rudi