There's no way to do everything you require unless you unlink the TOC and
treat it as text, but you can get most of the way there. Assuming that POINT
I is TOC 1 and THIS IS A TEST is TOC 2:

1. Press Alt+F9 to display the TOC field code and add the following switch
(anywhere in the code): \n 1-1

2. Give the TOC 2 style a left indent (not just a hanging indent) and a
right indent (leaving the tab stop for the page number at the right margin)
to make the runover text wrap short of the number.

This will give you:

POINT I
   THIS IS A TEST THIS IS A TEST THIS IS
   A TEST THIS IS A TEST...............................7

You may decide you can stop at this point, in which case you can leave the
TOC field a field, and you will be able to update it as needed. If not, when
you are sure that editing is complete and the page numbers will not change,
unlink the field (Ctrl+Shift+F9) and delete the paragraph marks at the end
of the TOC 1 entries. As long as you're at it, you might want to add one
further refinement: set a second right tab far enough left to clear the
longest page number by several spaces. Give that tab the period leader and
remove the leader from the tab at the right margin (you'll need to add an
additional tab character to each entry). This gives your TOC a neater
appearance because all the leaders will stop at the same point:

...................................       1
...................................     25
...................................    351

--
Suzanne S. Barnhill
Microsoft MVP (Word)