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If you have SCRIPT, don't you also have the Document Composition Facility?
All you need to do is format the document through DCF and specify a device
type of terminal (or 3270). The output will be a flat, ascii file with
the original intended format (things marked as bold will appear uppercase,
placeholders for artwork but, of course, no actual graphics, etc.).
It should also be pretty easy to write a macro to strip out the tags, if
you want to achieve. Feel free to contact me directly if you need