OK, just had another idea - I've merged the last line again in a text box placed behind the address and made the text colour white, but the underline colour red.
This gives me this:
red line 3.jpg
As it's based on the same text, the width will always be right (I added a coule of spaces to the start of the merge field).
My only problem now is that the line isn't thick enough.
Is there a way to stretch a font vertically? - I can't increase the point size as it will then no longer be the right width.