Agreed, I'd be as restrictive as possible. I'd even add the \n<br>\n portion to the regex. Something like this (which also just matches, instead of substituting)...

while ( $data =~ m{<li>(.*?)</li>\n\s*<br>\n\s*<p>(.*?)</p>}g )
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-Bird

p.s. The \s* assertions are in there to deal with leading spaces. I don't know if there are any in your data, but DamnDirtyApe had some in his code.