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Methodology: Here is a page (http://www.ascii.cl/htmlcodes.htm) with a full list of the HTML codes. I found that the numbers used in the HTML codes are the same as the ASCII numbers. Therefore all I had to do was search for the prefix &#, ensure that what followed was a number, and then if it was, use that number with the CharFromInt() function to create the code. One cool trick I found is that the ToNumber() function automatically drops any non-numeric characters from the end of the number. That took care of the trailing semicolon so I didn't have to.
Syntax: To use the syntax below in the Formula tool, simply replace [data] with [yourfieldname] where yourfieldname is the name of the field you need to modify.