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@OP - I don't think anyone has said this in so many words, but both the color replacement tool (aka, brush), as well as the "replace color" command are both very old and have real limitations. Just Google the issue and you'll see that lots of people have problems with them, eg. http://www.justskins.com/forums/using-the-color-replacement-28241.html#post82195.  I haven't used either in years.  IMHO, just forget about both of these approaches and use the method (methods?) suggested by Sam.

In contrast, issues of out-of-gamut colors, incorrect color space conversions / mismatches, etc. are almost always caused by user error, not by some failing of the software.  Color management problems can be very intricate /complicated, but with sufficient care, they can almost always be understood, if not resolved.  Fortunately, color management problems usually (...but not always), produce smaller color errors than introduced by the "replace tool" and "replace color" techniques. 

Because of this, my recommendation is to do what MrToM suggested and keep everything in sRGB from start to finish, and deal with color management issues once you get all the major, more fundamental problems worked out and you are faced with a real need to use other color spaces (eg, an old school printer who only accepts CMYK files).

Just my $0.02,

Tom M