No problem to replace your images. Since you have used different names for your new you will have to do this manually, btu the process is very easy.
When opening your document you can choose to replace the files when prompted, or ignore and fix them with the linsk palette.
In the links palette click on the image name you wish to replace, then click on the 1st icon on the bottom of the links palette and you will be asked the location of the new image.
If you wish these to update autoamatically you has to use a common sense technique that uses the same filenames. You can prior to retouching/color correction make a folder with todays date. Drag a copy of the images into that folder as backup, then do your edits to the original files. This was you have a backup of what you did before and illustrator will automatically link to the new files which are in the same location when they were linked before. You just need to do a quick update on them in the links palette.
