I think you mean last character of each line, not last line!
if it is right, check this out:
awk '{if($0~/\*$/)sub(/<path>/,"ls -lrt ");else sub(/<path>/,"find ")}7' file
with your data:
kent$ echo "<path>/etc/inet.d/*.conf
<path>/etc/rc/*
<path>/etc/rc*"|awk '{if($0~/\*$/)sub(/<path>/,"ls -lrt ");else sub(/<path>/,"find ")}7'
find /etc/inet.d/*.conf
ls -lrt /etc/rc/*
ls -lrt /etc/rc*