So, I guess I'm a little confused as to where these values are coming from - you say:
The equipment selected is saved to a field in the bookings calendar list in a delimited format
This is equipment selected in an InfoPath form? In a drop down or something? Is a single item selected at a time, and then you promote the repeating field as merged? If that is the case, I'd probably take the easy route - add another field to my form's repeating data source, and when my user selects each piece of equipment, I'd run a rule to populate my new field with a formula - substring-after(., "#") - so my new field would just have Avenger foam board holder, for example. Then I'd promote this new field as merged instead of my original field.
However, I may have completely misunderstood what you are doing.