Yikes, if stuff is that deeply nested the programming gods are telling you it's time for some functions and/or simplification.
I worked for a software house where one of their programming rules was all functions must exit at the bottom (no returning in the middle) and a lot of their code ended up with huge nested levels, as each validation you did pushed everything else over 1 more indent.
chubler_XL is correct. I use 5 spaces indentation and if a line doesn't fit within 80 characters i think hard if it is really good to do it that way (in most cases it isn't and it is the rare exception if it is).
To reduce the indentation in sed (replace "<b>" and "<t>" with literal blanks/tabs):
sed ':search
/^<b><b>/ {
s/^\([<b>]*\)\(<b><b>\)\([^<b>]\)/\1;\3/
b search
}
:replace
/^;/ {
s/^\(;*\);/\1<b>/
b replace
}' /path/to/input
You can easily adapt this to other levels of indentation by modifying the parts marked bold to contain more or less blanks. Note that lines have to start leftmost - no effort is made to deal with lines not starting at character position 1.