If it was me, I would just remove the old hardware, then open toolbox and put the hardware into the assembly as if it were new....
Try the following;
Use the Toolbox to insert the part you want into the assembly, it doesn't have to be in any particular location.
RMB on the Toolbox item in your assembly and open it in its own window.
Go back to your assembly and RMB replace components on a part to be change with the toolbox item.
In the files available for selection you should now see the toolbox part as it is open in a window of its own.
You can now select the part you require and choose to replace all of the instances of your component or just the one selected.
I know it sounds a bit long winded but it is a reliable way of achieving the replacement of your components.
Finally you can delete the temporary instance of the toolbox part we inserted.
Set Toolbox up to create copied parts into a specified folder.
Open an empty assembly and proceed to insert all of your commonly used nuts, bolts, etc..
Toolbox will create the parts as individual components with recognisable names in the specified folder.
Once finished just close the assembly but don't save it.
Now when replacing a part and needing to browse for the Toolbox item you will only have the one folder to be dealing with.
Thanks a lot Ron for the detailed Video.
It perfectly works as per your suggestion.
But what about the reference of the file once I save and close the assembly. Whether the toolbox part is saved in the same location as the assembly or the reference would be the toolbox.
Ideally i want the reference to be the Toolbox browser.
As we are using Vault, I want the references from the Toolbox folder in the Vault and not in the Assembly folder.
The reference is to the Toolbox part and its original location.