this is doable. don't think of a list item as a structural container.
it just describes the visual properties and the linkage to other
members of the list.
<p PROPS="type=LI" id="xx0" next="xx1" ...>This is the first bulleted item</p>
<p>this is a second paragraph</p>
<p PROPS="type=LI" id="xx1" prev="xx0" ...>This is the second bulleted
item</p>
there's some handwaving here for what style (especially indentation)
you want for the middle paragraph, but that's another topic.
jeff