The way to accomplish the same thing is to arm the track you want to punch in on, back up the cursor to a point where you're comfortable punching in, then hit "record" at the point where you want the punch in to start, and "stop" when you're done.
Obviously, this takes some coordination, and is much easier with a helper.
I rarely do it that way because it's so easy to arm a new track, hit record, and play along with the old track until you've got what you want. You can then use the volume envelopes to crossfade the two tracks: you fade out the old track just before the replaced part, and simultaneously fade in the new. After the "punch in" is past, reverse the process. If you MUST have the result on one track, you can go to Edit/Mix down to empty track [it will automatically insert the next available track number here] (Bounce)/Mono: this will give you a third track with your edits and crossfading intact, and if you need the space, you can go back and delete the original two tracks.
I don't worry about that, because I prefer saving everything, and not bouncing to a new track saves time I could be using more profitably, especially in a recording with a lot of editing to do.
