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With nothing selected, place the final image. Position to align with the FPO. Trash the FPO.
My big issue was the clipping path that was applied to the photo and wanting the new photo to have the same clipping path that the old photo had.
I ended up going into the layers palette with the original photo selected, just so I could see where it was located. I then identified the x, y coordinates of the photo. From within the layers palette, I deleted the original photo and placed the new photo into the document. I went into the transform palette and moved the photo to the same x, y coordinates where the orginal had been. Back in the layers palette, I dragged the new photo down to the same place the original photo had occupied. That way it was still part of the clipping path. I had just hoped there was an easier way to do it. Oh well. Mission accomplished.
Thanks for the suggestion. Necessity is the mother of invention as they say!
If you have a better or faster way of doing this, please let me know. Otherwise, I would say that this question has been answered.