var lines = new []{
    "text‡11:35",
    "other_text‡16:30",
    "other_text1‡00:30",
    "more_other_text‡12:30"
};

var sorted = (from line in lines
              let time = TimeSpan.Parse(line.Substring(line.IndexOf('‡') + 1))
              orderby time descending
              select line).ToList();

items.Select(i=> new {I=i, sort= ПарсингСтроки(I)}).OrderBy (i =>i.sort).Select(i=>i.I);

var result = list.Select(s =>
{
    var dt = DateTime.Parse(s.Substring(s.Length - 5));
    if (dt.Hour == 0)
        dt = dt.AddDays(1);
    return new { s, dt };
})
.OrderBy(a => a.dt)
.Select(a => a.s)
.ToList();

var result = (from s in list
              let dt = DateTime.Parse(s.Substring(s.Length - 5))
              let dt2 = dt.Hour == 0 ? dt.AddDays(1) : dt
              orderby dt2
              select s)
             .ToList();