CJam, 53 bytes
Sl+'\/(_,S*\@{(i2/49-"_. ^"=\3>'}-_,(S*@\+@@+@@+\}/N\Explanation:
S Leading space, to avoid special case for accent at start.l+ Get input, and append it to leading space.'\/ Split at '\.( Split off first sub-string, which does not start with an accent._, Get length of first sub-string.S* String of spaces with the same length.\ Swap the two. First parts of both output lines are now on stack.@ Rotate list of remaining sub-strings to top.{ Loop over sub-strings. ( Pop first character. This is 'b, 'd, or 'h, and determines accent. i Convert to integer. 2/ Divide by two. 49- Subtract 49. This will result in 0, 1, or 4 for the different accents."_. ^" Lookup string for the accents. = Get the correct accent. \ Swap string to top. 3> Remove the first 3 characters, which is the rest of the accent string and the '{.'}- Remove the '}. All the macro stuff is removed now. _,( Get the length, and subtract 1. This is the number of spaces for the first line. S* Produce the spaces needed for the first line. @\+ Bring accent and spaces to top, and concatenate them. @@+ Get previous second line and new sub-string without formatting to top, and concatenate them. @@+ Get previous first line and new accent and spacing to top, and concatenate them. \ Swap the two lines to get them back in first/second order.}/ End loop over sub-strings.N\ Put newline between first and second line.