Try running the following macro from the document containing your Find/Replace table. The code starts on row 2 (to allow for a header row) and assumes column 2 in the table contains the hyperlinks formatted as you want them to appear in the documents.
Code:
Sub UpdateDocuments()
Application.ScreenUpdating = False
Dim strFolder As String, strFile As String, strDocNm As String, r As Long, strFnd As String
Dim DocTgt As Document, FRDoc As Document, wdDoc As Document, RngStry As Range, RngHlnk As Range
strFolder = GetFolder
If strFolder = "" Then Exit Sub
Set FRDoc = ActiveDocument
strDocNm = FRDoc.FullName
strFile = Dir(strFolder & "\*.doc", vbNormal)
While strFile <> ""
If strFolder & "\" & strFile <> strDocNm Then
Set DocTgt = Documents.Open(FileName:=strFolder & "\" & strFile, AddToRecentFiles:=False, Visible:=False)
With DocTgt
'Process each row from the F/R Table
For r = 2 To FRDoc.Tables(1).Rows.Count
strFnd = Split(FRDoc.Tables(1).Cell(r, 1).Range.Text, vbCr)(0)
Set RngHlnk = FRDoc.Tables(1).Cell(r, 2).Range.Hyperlinks(1).Range
For Each RngStry In .StoryRanges
With RngStry
With .Find
.Text = strFnd
.Execute
End With
Do While .Find.Found
.FormattedText = RngHlnk.FormattedText
.Collapse wdCollapseEnd
.Find.Execute
Loop
End With
Next
Next
.Close SaveChanges:=True
End With
End If
strFile = Dir()
Wend
Set wdDoc = Nothing
Application.ScreenUpdating = True
End Sub
Function GetFolder() As String
Dim oFolder As Object
GetFolder = ""
Set oFolder = CreateObject("Shell.Application").BrowseForFolder(0, "Choose a folder", 0)
If (Not oFolder Is Nothing) Then GetFolder = oFolder.Items.Item.Path
Set oFolder = Nothing
End Function