I don't know much about msys, but a quick google search showed me that it includes the sed utility. So I assume it works similarly in msys than it does on native Linux, here's one way how to do it:
From Windows to POSIX
You need to replace all backslashes with slashes, remove the first colon after the drive letter, and add a slash at the beginning:
echo "/$pth" | sed 's/\\/\//g' | sed 's/://'
or, as noted by xaizek,
echo "/$pth" | sed -e 's/\\/\//g' -e 's/://'
From POSIX to Windows
You will need to add the semi-colon, remove the first slash and replace all slashes with backslashes:
echo "$pth" | sed 's/^\///' | sed 's/\//\\/g' | sed 's/^./\0:/'
or more efficiently,
echo "$pth" | sed -e 's/^\///' -e 's/\//\\/g' -e 's/^./\0:/'
where the $pth is to variable storing the Windows or POSIX path, respectively.
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