If anyone else wants the solution, I found it:
I combined lines 2 and 3 of this code segment:
$blah = htmlspecialchars($blah);
$blah = ereg_replace( "(<😉(b|big|i|p|small)(>😉", "<\2>", $blah);
$blah = ereg_replace( "(</)(b|big|i|p|small)(>😉", "</\2>", $blah);
To get this:
$blah = htmlspecialchars($blah);
$blah = ereg_replace( "(<😉(/{0,1})(b|big|i|p|small)(>😉", "<\2\3>", $blah);
It works quite elegantly, and could be used in place of the code listed here:
http://www.phpbuilder.com/columns/mhall20000621.php3?page=4