I got the replacements the wrong way round (as that seemed more logical), however if you change the paragraph breaks to line breaks, then instead of having a series of numbered or bulleted paragraphs, you will have one long paragraph and the paragraph numbering/bulleting will not apply. You would need to replace ^p with vbLf and not ^l using this method i.e.
           With objRng.Find
                Do While .Execute(FindText:="^p")
                    objRng = vbLf
                    objRng.collapse 0
                Loop
            End With
What is the point of this exercise?