Trigger: Activity Type = Newsletter Bounced 

Actions:

  1. Remove email address(es) from Person
  2. Remove value(s) from custom Email List person field
  3. Adds value of "Yes" to custom Email Bounced person field

I believe there's a limitation in workflow automations which will not let me do certain portions of this (remove email address and remove value from Email List field)

Any confirmation, help and/or pointers appreciated!  :)