If each item in the list is a paragraph then select the list and run the following Word macro. This will hyperlink those paragraphs that have valid folder paths. Invalid paths are coloured red.
Code:
Sub Macro1()
'Graham Mayor - https://www.gmayor.com - Last updated - 04 Jan 2022
Dim sLink As String
Dim oLink As Hyperlink
Dim oPara As Paragraph
Dim oRng As Range
Dim FSO As Object
Set FSO = CreateObject("Scripting.FileSystemObject")
For Each oPara In Selection.Paragraphs
Set oRng = oPara.Range
oRng.End = oRng.End - 1
If FSO.FolderExists(oRng.Text) Then
Set oLink = Selection.Hyperlinks.Add(Anchor:=oRng, _
Address:=oRng.Text, _
ScreenTip:="Click to select the linked folder", _
TextToDisplay:=oRng.Text)
Else
oRng.Font.ColorIndex = wdRed
End If
Next oPara
lbl_Exit:
Set oLink = Nothing
Set oRng = Nothing
Set oPara = Nothing
Exit Sub
End Sub