Yes you can do this. As Sergey has pointed out, you may not need to do it in this situation, but you can.
Just don't make the expression in the memo field your memo field name.
Instead, make it your UDF with an argument of the memofield :
myUDF(mytable.mymemofield)
Now your UDF does the work and then RETURNs the value of its parameter as its result, which becomes the output:
FUNCTION MyUDF(m)
RETURN m
>L<