A component is created with the parameter, pkg_ver, and the parameter value 1.2

The component shortcut is then used in several protocols and subprotocols.

When the parameter value of the component is changed to 1.3.1, and the component is saved (v2), the shortcut in the subprotocols still show the old parameter value 1.2.  Right-clicking on the component shortcut and selecting 'Replace with latest version' does not update the parameter value.

How can I refresh/update the parameter value of the component shortcut wherever it is used?  

My plan was to use the Component Reader, locate the component using its GUID, use the PilotScript set parameter function to set the new value, and then use the Component Writer to commit the parameter value change.  I just need help in physically implementing it.   

The desired functionality is basically 'find and replace' in all/some protocols (depending on the granularity of one's component path).