Python 3, 203 bytes

Without bonus:

l=list(input())b=list(""*len(l))try: while 1:s=l.index("\\");t=l[s+1];del l[s+6];del l[s:s+5];b[s] = "b"==t and "_" or "d"==t and "." or "h"==t and "^" or "*";except:print("".join(b)+"\n"+"".join(l));

I really hope there is a shorter version.