If you're trying to process a single line, and not use a plugin like InlineJavascriptPlugin, then what you can do is:
1) In your generating (display) tiddler, put:
<<tiddler echoTiddler with: {{
var stuff=store.getTiddlerText('test2');
stuff ? "**"+stuff.split("\n").join("\n**") : "" ;
}} >>
2) Create a support tiddler echoTiddler to return this result. Note that you can re-use this tiddler.
$1
3) Where it says 'test2', is where you put your tiddler with the list of objects you wanted formatted with bullets.
Note that this won't automatically update when you change the contents of 'test2'. You have to open and close the generating tiddler.
HTH
Mark