Firstly always break down problems into smaller subsets.
the function translate is basically a character-level operation. as such it is not suitable for the <br>
part of the solution. Also note that < and > are special characters in xsl/xml.
Thus, assuming //string/string/string/string
IS the correct XPath here..
translate(//string/string/string/string, ',/*',' '):
Should be sufficient to remove the , and / and * characters
As for <br>
, well ideally you'd want to use a replace function, which does not exist in xslt 1.0. Take a look at this question for an example of a template which does the job if you are in xslt 1: XSLT string replace
you could also consider if xslt is the right tool for the job here, but that depends on the wider context.