I'm still not sure ether you are right or not Richard.
My code is based upon the way the registry key is exported and the way the ASCII data is shown when you open the registry key in regedit. Then it shows exactly the output of my code.

To prove my theory:
 Code:
$HexValue = ReadValue('HKCU\Software\Microsoft\Windows\CurrentVersion\Explorer\RecentDocs','0')
For $i=1 to Len($HexValue) Step 2
  $y=$y+$comma+SubStr($HexValue,$i,2)
  $comma=","
  $z=$z+Chr(Val("&"+SubStr($HexValue,$i,2)))
Next
$=MessageBox($y+@CRLF+@CRLF+$z,"info")