linkReplace.php

<div class="text-box">

<?php

$textGroup = $page['text_group'];
// prettyEcho($text);

foreach($textGroup as $text){ 

	if($text['heading']){ ?>
		<h4><?php echo $text['heading']; ?></h4>
	<?php
	} if($text['paragraphs']) { 
		echo $text['paragraphs'];
	}

}
?>
</div>
<script>
	jQuery(document).ready(function($){
		// first we set our vars
		// we are using regex to find
		// any text that looks like this:
		// { some string of text here }
		var linkFind = /{(.*)}/;

		// we are grabbing all of the p
		// tags within our box
		var paragraphs = $('.text-box p');
		$(paragraphs).each(function(){

			// we grab just the text from inside
			// of the p tags so our regex
			// doesn't mess anything up
			var text = $(this).text();

			// then we make an array for all
			// of the text that matches our 
			// regex search
			var linkText = text.match(linkFind);

			// if we find it
			if(linkText){

				// first we split the text into
				// an array, at the | character
				// since our match looks like:
				// { Text | link }
				var text = linkText[1].split('|');

				// We want whatever the first half of
				// the found regex is to be our found var
				// 
				// looking at this, we are setting alot
				// of vars to the same thing. We should
				// refactor this for theme usage.
				var found = $(this).text().match(linkFind)[0];

				// then we clean the string...
				// alot
				text[1] = text[1].trim();
				text[1] = text[1].replace('/', '');
				text[1] = text[1].replace("'", '');
				text[1] = text[1].replace("'", '');

				// then we tell jQuery to:
				// look at this (the p tag we are dealing
				// with inside of the loop), grab the html,
				// and replace that html with whatever you
				// get when you get the html of this (p tag),
				// replace the string found with this string
				// that I am getting you. If you don't do it 
				// this way, the HTML doesn't get converted to
				// html and just shows up as '<a href="...">'
				// on the page.
				$(this).html($(this).html().replace(found,'<a href="' + text[1] + '">' + text[0] + '</a>'));
			}

		});
		// var check = $('.text-box p').match(link);
		// console.log(paragraphs);
	});
</script>

This allows you, inside of ACF, to enter any text you want as a link as { Link Text | /link/to/text } and have the jQuery function replace it with Link Text