Oh, I see. Try this:
Most email apps let you put links within your message that appear as clickable text that you write, as opposed to simply pasting in a long, ugly URL. For example, you might want to point somebody to an article you found on the internet by writing "here are some instructions on how to take...
www.iphonefaq.org
I just tried it and it works for me. Basically, you just copy and paste any URL into your email, them move the cursor between any two characters in the URL and type your desired text - then delete the surrounding, original URL text and you are left with your desired text as a hyperlink.
Really stupid that they don't have the ability to do this by long-pressing a word or phrase.