Put your new music on another Audio Track. Rt-click the Keyframed one, and choose Copy. Then Rt-click on the new and choose Paste Attributes. This assumes that you used Clip Keyframes. If you used Track Keyframes in the original, you would just replace your original Clip with the new one, as the Track Keyframes would remain. Track Keyframes are added in Audio Mixer.
[Edit] When done, just Delete, or Mute the original version.
Do I understand you correctly, that is, did you add an audio clip (not happy with quality) to the Timeline, and, after keyframing and working with it, you want to save that "improved" audio track instead of the original?
If so, why not just highlight the "improved" audio clip on the Timeline, File Menu/Export/Audio (export as File Type: Windows Waveform), and save the file that way. This way you will automatically have a copy saved to your computer hard drive and a copy placed in the Premiere Elements project (.prel) Media Panel. Depending on how you have your media and tracks setup, you could selectively do that export using the Work Area Bar procedure. Details on that to follow if need be.
Wow! Hunt, you have saved me sooooo much time!
Thank you to everyone else that has offered advice, and I am sorry that my descriptions were somehwat non-technical!
Hunt, thank you so much for teaching me this!
As always, much regards to all,
I hope that the advice was easy to follow, and works exactly as you wish for it to.
As with many things in Premiere, there are a couple of ways to end up with the same general results. That is why I mentioned a couple, as what you had already done, or still had to do, might point to one method, or the other.
Good luck, and hope that you get exactly what you want,