Just want to share my experience. I have used similar way to jswinden's method, but a bit faster; where the text is text and formulas are as images. By using a text-recognition software (OCR software) like fineReader, you may draw image boxes around formulas in the book and text boxes around the text (some of this is done automatically, but you'll need to look it over). Then export to html and convert to e-book.
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