If you'd like a mature, flexible, and supported solution, you could check out AI Replace Part, which is one of the many functions of AI DesignMAX from AI MAXTools.
Here's a video of it in action: http://www.youtube.com/watch?v=9d8DHb_Xvdo
More demo videos can be found on our website as well:
http://www.ai-maxtools.com/resources/product-demo-videos/
I'd be glad to answer any questions you have, including getting you set up for a free, no-obligation trial if you're interested.
Thanks!
andy