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you can:
0. for better results ahead, trim the edges of new recorded clip to snap-to-beat boundaries, if not already due to punch-in/out locations;
1. select the recorded clip as whole; then Clip > Range Set; the blue markers are placed at the clip boundaries;
2. now, Edit > Cut the selected clip;
3. make the old track current; hit Edit > Select > Track Range; the old material in the desired range is now selected;
4. you may now remove the old material and only by hitting Edit > Delete;
5. now, Edit > Paste the new material over the the just deleted hole; you should now have 3 clips concatenated head to tail;
6. (optional) select the 3 clips; hit Clip > Merge...

hth.
cheers