This is quite fresh idea .
We have Ctrl+H for single file and Ctrl+Shift+F for multiple files with sourceString->targetString (two input areas) search&replace.
What about search&replace option based on dictionary (single input area, screenshot shows the idea).
What do you think?
Here is ready Py recipe for this action:
http://code.activestate.com/recipes/813 ... e-replace/
(in comments there are some performance tweaks)
Processed line can be highlighted .