Right click on clip in timeline: Replace With Clip ....
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Also, you can hold down Alt and drag a clip from the Project panel or the Source Monitor to the clip you want to replace and drop it there. That will preserve the settings for the clip in the sequence, but replace the clip itself.
Thank you so much,
If i can learn 2% of PP it will get me thru this project.
If i can learn 2% of PP
Read the Help file. That'll get you up to 90%.