01 myVariable.
05 LINE1 PIC X(80) VALUE 'String'.
05 LINE2.
10 FILLER PIC X(79) VALUE 'String'.
10 FILLER PIC X(01) VALUE '>'.
05 LINE3.
10 R-TO PIC X(10) VALUE 'String: <'.
10 NEW-ADDR PIC X(69).
10 FILLER PIC X(01) VALUE '>'.
05 LINE4 PIC X(04) VALUE 'String'.
05 LINE5 PIC X(80) VALUE 'String'.
05 LINE6.
10 V-TO PIC X(04) VALUE 'String'.
10 ADDR6 PIC X(76).
05 LINE7 PIC X(80) VALUE 'String'.
"String" is six bytes, so it won't fit into the two four-byte fields.
This will do what you ask, but I'm not sure it is what you want.
Do you want a variable-length record with each element devoid of trailing spaces?