Until the css is sorted, you can just use mmat1's solution with(out) the combined let1/2 styles.
Code:
<p class="let">([A-Z])(\w{0,20}\s)((\w{0,20}\s){3})
<p class="let"><span class="let1"><span class="let2">\1</span></span><span class="smcpTypeV">\2\3</span>
That should do. At least it's only one step - which is what you asked for originally
.