[TxMt] Wrap text while preserving formatting

Perhaps I'm doing this wrong, but I'm trying to figure out a way to do wrap text using the command-ctrl-shift-w shortcut while preserving my code formatting.

If i have this:

<ul> 1 2 3 4 </ul>

then select my prospective list items, command-ctrl-shfit-w, and i get this:

<ul> <li> 1</li> <li> 2</li> <li> 3</li> <li> 4</li> </ul>

but i'd really like this:

<ul> <li>1</li> <li>2</li> <li>3</li> <li>4</li> </ul>

is this possible? is there any "special" way to select text so that i'm just selecting the items i want and not the formatted-related tabs or spaces? or is there yet a better way?