I see this as a very necessary feature, especially when handling columns that use the multi-value selectbox input type.
At minimum, it should be possible to split on first occurrence of predefined demiliting character, then having access to the resulting two substrings separately.
This would also be a perfect workaround for #447 suggestion.
If you really would like a challenge, why not consider making something as amazing as this possible, in other words creating a way to store a list of links in one cell:
INPUT
link txt 1 – link 1, link txt 2 – link 2, … , link txt n – link n
DISPLAY
link txt 1, link txt 2, … , link txt n
Any reasonable notation required for the input would be fine, as long as the displayed result would be a comma-separated list of HTML links using the provided link texts.