That's exactly what replace is supposed to allow.. however, because of the difference with SiLabs certification, I'm not sure how the current replace code will respond when there's such a large model shift. 500 series vs 700 series. S0 only vs up to S2. The Replace process doesn't present the popup for entering the S2 code, thus my hesitation in saying it will work.
Replace is still a big-black-box to me. I use it, used it yesterday as a matter of fact, and while it worked, I only know it did because now I ignore what it says and validate it worked after the fact.
I have a Qubino dual relay device controlling the light and small exhaust fan in a bathroom. It falls off the ZWave network a lot. 3 times a year. Nothing else is like that in my home. I put the hub into Replace and occasionally it tells me Replace didn't start. Refresh, verify Replace is an option, click Replace, now it's running. The Qubino goes into Include/Exclude with multiple on/offs of the #1 attached switch. So I do that a couple of times, no indication of a success or failure on the Hub but eventually it says that Replace has stopped. I go into the Device Info page and I can control the light and fan once again. So.. I know it works, works well, but leaves a lot to be desired in human feedback