My atrociously ugly sed regex

My atrociously ugly sed regex of the evening:

| lynx -dump -force_html -stdin \
| sed -e 's/^\ \ \ \ \ /bigindent/' \
| sed -e 's/\ \+/\ /g' \
| sed -e 's/^\ /\ \ \ /g' \
| sed -e 's/^bigindent/\ \ \ \ \ /'

I’ve already asked for help on simplifying the beast (and I also explain why I’m using it in the first place).