I’ve found a solution.
I set up the Custom Link with a url that WordPress accepts (eg http://changethisonload.com) and give the menu item a class (eg ‘changeonload’), then use jquery to target the anchor tag in the ‘changeonload’ classed list item:
$(document).ready(function(){
$('.changeonload a').attr('href','tel: 07954000000');
});
I settled on a CSS/jQuery solution in the end, but I’d love to know how to do this ‘properly’ with a walker.
Sorry – parent page menu items (‘PAGE ONE’ and ‘PAGE TWO’) should always be visible.