Jake, this may not look to efficient but it will do the job that you
described.

Sub convrt_hyper()
Dim oldHyp As Hyperlink
Dim newHyp As String
Dim HypAdr As String
Dim Hyptxt As String
Dim ln As Long  'string length
Dim cnt As Long 'comma position
Dim rng As Range
Dim Lrow As Long

'in next line change A to the column letter
'where your old hyperlink functions are
Lrow = Cells(Rows.Count, "A").End(xlUp).Row

'change both A's to match column letter in line above
'change the 1 to the rownumber they begin on
Set rng = Range("A1:A" & Lrow)

'the following will put the new hyperlink
' in the next column to the right
For Each oldHyp In rng.Hyperlinks
   HypAdr = oldHyp.Address
   cnt = InStr(1, HypAdr, ",", vbTextCompare)
   ln = Len(HypAdr)
   newHyp = Left(HypAdr, cnt - 2)
   Hyptxt = Mid(HypAdr, cnt + 2, ln - cnt - 2)
   ActiveSheet.Hyperlinks.Add Anchor:=rng.Offset(0, 1), Address:= _
   newHyp, TextToDisplay:=Hyptxt
Next oldHyp
End Sub

If this doesn't quite do it for you, we can tweak it to work.
Mike F