Currently to replace something (for instance a node on the block diagram) you have to right-click and then select Replace... and then usually a lengthy navigation into the function palette or onto the disk with the OS file explorer.
Most often I already have a LabVIEW-project open, one or more explorer windows (opened at a useful context), and maybe also one or a couple of pinned sub-palettes - but I am not allowed to replace anything from these locations. I suggest that this will actually be allowed; that is: drag something onto the block diagram, and if you're enough on top of another object, then a replace-outline appears for you to drop your new object into. Here's an illustration for replacing something in the block diagram, but the same could apply to the front panel as well:
All the usual stuff should happen when you replace this way, as if you replaced through the context menu. For instance a prompt to save a VI that leaves memory, automatic update of a project's dependencies etc. Many ideas are submitted to this Idea Exchange to enhance the Replace context menu in different ways, but a feature as I'm suggesting here would improve my own workflow the most, simply because I already have much quicker access to my "replacer", through existing explorer windows, than going through the Replace context menu no matter how intelligently it gets populated.