If I have a clip in the timeline and I want to just swap out the clip, is there a way to do that? Because I want to retain all the filters and Motion parameters and have them transferred to the new clip.
Neil's way is easier and recommended...but to swap it you can select the clip you want and hit the command and C keys to copy it. Then right clip on the clip you want to replace and choose Paste Attributes. Then choose Content. Content will take the last clip and past it into the new clip. Because of varying lengths it is easier to paste the attributes such as Basic Motion and Filters though.