This one line awk should help you:
awk -F'+' -v OFS="" 'NF>2{for(i=2;i<=NF;i+=2)gsub(/\S/,"_",$i)}7'
Test
kent$ awk -F'+' -v OFS="" 'NF>2{for(i=2;i<=NF;i+=2)gsub(/\S/,"_",$i)}7' <<<"Foo was the +first+ to get a drink at +the bar+."
Foo was the _____ to get a drink at ___ ___.
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