What version of Premiere Pro are you using?
I'm using CS5 and unfortunately it doesn't have the merge clips feature as CS5.5 seems to have. Any ideas as to the most effiecient workflow?
Well, you can use a sequence as a clip, and edit that into your final sequence--this was the workaround before Merge Clips.
After you've synced up your footage, load your sequence into the Source Monitor--you can drag it in or hold Ctrl/Cmd and double-click in the bin. From there, you can add ins and outs and edit into a target sequence just as though it were a regular clip. You don't have access to all the individual audio channels--a definite benefit of the Merge Clips feature--but from the sounds of it, you don't necessarily need them anyway.
Or... if I'm following you correctly, you're NOT using Multi-camera editing. Is that correct? If so, you might find that to be an easier workflow--edit using the three angles plus the replacement audio, and then you edit chunks of that into a final sequence. I might be misinterpreting your original post, though...
You can also use Nesting.
After you have dropped your footage and sound and have synced them up just create a new master sequence and drag that synced sequence into it and cut it like it was a regular clip.