[eschwartz]

Just say the word and I will add in a few more ifs for multiple two-word sections.

Assuming it IS just the last section, here is the version with support for the multiword section:

program:
#save stuff before " - "
start=list_item(field('tags'),-2, ' - ');
#save stuff after it
end=list_item(field('tags'),-1, ' - ');
#divides 'end' into two, at '/'
part3=list_item(end,-2,'/');
part4=list_item(end,-1,'/');

part3alt=list_item(part4,-2,' ');
part4=list_item(part4,-1,' ');


#return a value
strcat(
#add first initial
	shorten(start,1,'',0),
#add first separator if first initial not empty
	test(start,' - ',''),
#add second initial
	shorten(part3,1,'',0),
#add second separator if third not empty
	test(part3,'/',''),
#if last section had ' ' not '/', use these two lines instead
##add third initial part 1
	shorten(part3alt,1,'',0),
##if third initial part 1 exists, add ' ' separator
	test(part3alt,' ',''),
#add third initial
	shorten(part4,1,'',0),
)

One-line monster:

program:start=list_item(field('tags'),-2, ' - ');end=list_item(field('tags'),-1, ' - ');part3=list_item(end,-2,'/');part4=list_item(end,-1,'/');part3alt=list_item(part4,-2,' ');part4=list_item(part4,-1,' ');strcat(shorten(start,1,'',0),test(start,' - ',''),shorten(part3,1,'',0),test(part3,'/',''),shorten(part3alt,1,'',0),test(part3alt,' ',''),shorten(part4,1,'',0),)