Reformat specific lines of text using Powershell

Using Powershell, I would like to search through a .txt file and find any lines of text starting with the following:

FR1*1*

Sample line:

FR1*1*123*ZH*20.00*UY*AB*1234~

I would like that line to be replaced with the following:

Loc: 123, All: 20.00, Bar: ZH, Hgt: 1234

Thanks in advance for your assistance.