use of HTML in AddressModifyCode

I'd like to use HTML in the email addresses, but in something like

    <AddressModifyCode>
    s/\./&#046;/g;
    </AddressModifyCode>


the "&#046;" is escaped and printed literally.  There are many uses for 
this in address obfuscation such as using a graphic for @, using a 
table, etc.  Is there any solution?
-John


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