Shawn,
I recommend setting up a message code of the type "Custom Text" so you can quickly change values list or site-wide.
It is possible to use a custom MySQL query (using a tool like PhpMyAdmin) to do a search and replace on all followups for a list.
The command to do the replace in the "text" section of the message would be something like this (example for list 1):
UPDATE lm_follow SET content = REPLACE(content,'Original Name','Replacement Name') WHERE list = '1'
Please let me know if I can be of further assistance!
Regards