ViceRaid,
HTML::TokeParser::Simple makes this task very simple:

Not really, but I guess it is my fault for not being clear. If you look, this is the same module that I had mentioned that doesn't meet all the requirements.

Try changing hello to goodbye in the rendered HTML below: 
<html>
<head></head>
<body>h<i>e</i>ll<b>o</b></body>
</html>

[download]
As idsfa points out, this isn't an easy problem given that the replacement text may not be as long as the original text. This makes the problem even more interesting to me - I don't do HTML data munging if at all humanly possible - what are other people doing?

Cheers - L~R

In reply to Re^2: Munging Rendered HTML While Preserving Formatting by Limbic~Region
in thread Munging Rendered HTML While Preserving Formatting by Limbic~Region

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