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Replacing portions of text in slides

I have been trying to get this worked out for a while. I am trying to replace protions of text within a slide. (Please see attached). The problem I run into is that a text area get read in as the complete text. I have been unable to replace just the text specified in the attachement. I have a finite, but relatively large number of possible replacement for the slides. I believe I am left with two options:

1. Iterate through each possible replacement and iterate through every section of text to replace. This seems like overkill.

2. Parse out the ["ReplaceMe*"] portions of the text and replace them individually (that is what I am trying to do.

Has anyone had any luck in this arena? The sample code I have seen thus far seems to work only when the text to replace is either in the beginning of the text or is the complete text. If I am off base here, please point me in the right direction.