Do I update older entries to the new format?

The issue is that wordpress stored everything as a big-giant-thing, and expression engine is allowing me to break it all up into parts that actually make organizational sense. Because of this, all the old content is all being stuffed into one field in my database, even though I have configured it to be about 6 fields. In particular photo, intro, body, tags, and credit link. Without the changes, the content is just 1 big massive blob on the page. No paragraph breaks is the biggest issue that is bothering me.

I might go database diving and see if I can come up with an automatic method, but not even sure if that is worth the effort, but that still wont solve the photo, tags, and credit link issues. I guess it can be an "in front of the TV" type of slow go project. But I really am not thrilled about it. I guess it's somewhat important at least eventually...