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Another way to do this (without using Calibre) might be to convert Epub to HTML, then go into the HTML code and convert the <b>bold</b> to *bold* and <i>italic</> to _italic_ (Might also be emphasis and another code word for bold and italic).
Then go back into the regular browser, highlight all of the text, copy and paste into a txt browser editor.
Don't know if this helps but I think it would be a pretty foolproof way to do things.
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