Replace Field Contents will be greyed out until you click in a field to select it as the field on which you will perform Replace Field contents.
Replace Field Contents is an older tool that has been in use for many more years than Find/replace. It updates the contents of one field of every record in the found set, so generally, you have to find your records first, then use replace field contents. Replace field contents updates the field as a whole--not text found within the field
Find replace works much like Find/Replace in MS Word. It lets you specify text that will be replaced in any field on your layout and can be used to update text in all the records in your layout. It doesn't necessarily update the entire field. If a field has "apple pear" in it and you use Find/Replace with apple as the Find what and orange as the replace with text, the field is changed to "orange pear".
Thanks for the information. Do I need to be in a particular mode to click/select a field to access the Replace Field contents? When I'm in Browse mode in my Asset List, I don't have the option to 'click' in a field. I tried "Find" mode, but no luck there either.
Edit: I was able to select a field once I went into a layout we have called Asset List Quick Edit, then the "Replace Field Contents" option was available. However, it is only available on certain fields, not all. So I need to determine how to do a mass update of specific fields that may not have the "Replace Field Contents" option available.
Replace Field Contents works only in browse mode.
If you can't put the cursor in the field, you'll have to determine why or use a different layout that refers to the same table. In the Inspector, there's a section titled "behavior" on the Data tab. The Browse mode check box under "field entry" may not be selected for your field.
You can also remove a field from the tab order, and then define the field as a button or place a transparent object over the field to prohibit entering the field. In such cases, you may want to use a different layout or to place a new copy of the field on your layout to use for your replace field contents action. If this is a one time operation, you can add the field, do the replace and then remove it again.