You will have to separate the "lines" with something. A carriage return and or line feed is definitely suitable, as it does make the text file easier to read.
All you do is parse out the text with any of a number of tools/methods available in LabVIEW. Read the file, parse out your text and populate your controls. Then to save the text to files, concatenate the String Controls with separation characters (\r, \n, or both) and write to text file.
Check through the LabVIEW examples, everything you need should be there.