Unfortunately Leeann, an updated Captivate file will not automatically replace or update the swf you imported in the PowerPoint environment using the Presenter feature. And simply replacing one swf for another gets pretty dicey with Captivate, especially earlier versions of Captivate because of multiple files that are created as a result of Captivate's publishing process.
However, if you've published your Presenter content locally to your computer, then you might be able to try the following:
Open your project folder where you've published your content to your computer. From there open up the data folder; nested within that should be the resources folder. Once inside the resources folder, you should see all the swfs you imported earlier.
Run each swf by double-clicking so that you can see what swf corresponds to your Captivate material, and make note of the file name. The idea here is to use the same file name for the existing swfs in the resources directory and use that information on the updated files that you republished from Captivate.
Of course your individual results may vary, so I'd tread very lightly here...but you can give that a shot and see if it helps any.