Is there a way to remove a custom tag and replace it with a default one?

Solution 1:

Delete the custom tag last…

First, open a new finder window & from the sidebar set it to show the files with the tag you wish to replace.

Select all files in there - Cmd ⌘ A - then right click & add your desired default tag.
With them all still selected, right click & remove the custom tag. They will vanish from the window at that point, but they will have moved to the new tag you assigned.

Then, in Finder prefs > tags, click the tag you want to delete & hit the - button underneath.

Tried to squeeze all that into one explanatory picture…

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