Something like this maybe:
Dim oPara As Word.Paragraph
Dim rng As Range
For Each oPara In ActiveDocument.Paragraphs 'or Selection.Paragraphs
Set rng = oPara.Range
With rng
If .ListFormat.ListType = WdListType.wdListBullet Then
.Style = ActiveDocument.Styles(wdStyleNormal)
.InsertBefore " * "
.Collapse wdCollapseEnd
.Move wdCharacter, -1
.InsertAfter "&&&"
End If
End With
Next