This is untested, so perhaps save your data or try in a test app first, but I suspect you can change the field properties to not log, then make your changes, then change back to a logged field. You would create a formula field that makes the changes, then you would need to copy/paste the formula field into a manual field (or back on top of the original field and overwrite it).
This of course is a one time fix and is not the same as just having a formula show the field in a different way. In that case, you could probably make an automation that unlogs the field, performs a table to table import using a formula field that removes the line breaks etc, then relogs the field.
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Mike Tamoush
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