With three key components: regular expressions, hex and pack, you can generate a fairly clean solution. Consider:

use strict;
use warnings;

while (<DATA>) {
    next unless /^(?:[0-9a-z]{4})\s+(?:([0-9a-z]{2}\s)){16}/i;

    my @chars = map hex, /(?<=\s)([0-9a-z]{2})\s/gi;
    my $str = pack ('C16', @chars);
    print $str;
}

__DATA__
    Checksum: 0x9681 [incorrect, should be 0x8704 (maybe caused by "TC
+P checksum offload"?)]
Data (59 bytes)

0010  43 3a 5c 4d 4b 53 5c 75 74 72 61 5f 52 65 6c 65   C:\MKS\utra_Re
+le
0020  61 73 65 34 2e 30 5c 55 74 72 61 5c 75 68 74 5c   ase4.0\Utra\uh
+t\
0030  75 65 75 68 74 2e 63 00 00 00 b0                  ueuht.c....
[download]

Prints:

C:\MKS\utra_Release4.0\Utra\uht\
[download]

I skipped the data line containing nulls and other interesting characters, not because the code won't handle them (it will), but because they may not print so well. Oh, and the map is there to apply hex to each of the substrings returned from the regex.