Not exactly... but there's more than one way to skin a cat in Logic when using key commands.
There's two Punch In/Out modes in Logic Pro:
Autopunch (which is what we set up earlier - although you DON'T need Punch-on-the-fly enabled for that mode) and...
'Punch on the fly' mode where you can toggle record mode... on the fly: Great if you are recording someone else.
So for the later method:
1. Enable Punch on the fly (Options > Audio)
2. In the Key commands window find Record toggle and set it to a key command (e.g. Shift-R).
3. Record enable the track and hit Play.
4. When you reach the part you want to replace hit the Toggle Record shortcut to punch-in and hit it again to punch out.
A take folder will be created and that equals minimum fuss, no mousing around and a happy vocalist in the flow.