Type it out like that as a regular text element. Then highlight the words as you would like them to be links and click the link shortcut that pops up above the highlighted words. Then give a class and style as you like.
If you need extra space between the words and your | you can either add margins to the links or shift + space will create a nbsp; for you.
Add some right padding to the link, then add your down arrow as a background image. You can swap out the background image on hover as well, so if you want to do a background color and image swap on hover you could do that.
Not if all you’re doing is an arrow in a “Show more” fashion. I’d do a right-padding of 10px, and have an arrow that is 6px wide. Position it right-center with no repeat and you’re done.