for such a text conversion, I would go with awk:
This one line can help:
awk -F'\\(|\\)' '{split($2,t,",");split($4,v,",");printf "( "; for(x in t)s=s""sprintf("%s=%s, ", t[x],v[x]);sub(", $","",s);printf s")\n";s=""}' file
small test:
kent$ cat test (alpha, beta, gamma) blah (123, 456, 789) (a, b, c) foo (1, 2, 3) (x, y, z, m, n) bar (100, 200, 300, 400, 500) kent$ awk -F'\\(|\\)' '{split($2,t,",");split($4,v,",");printf "( "; for(x in t)s=s""sprintf("%s=%s, ", t[x],v[x]);sub(", $","",s);printf s")\n";s=""}' test ( alpha=123, beta= 456, gamma= 789) ( a=1, b= 2, c= 3) ( m= 400, n= 500, x=100, y= 200, z= 300)