I agree with dylandawg.
Without knowing in advance the exact text that your plugin has identified to be replaced across my entire site, there is no way on God’s green Earth I’m paying for the pro version.
Kevin, instead of HIDING the exact text that’s going to be replaced (which—in my opinion—is a horrible business decision that limits your conversions to Pro), you should simply put a % cap on the number of replacements that will be performed with the free version. In other words, show people all matches that can be replaced, but let them know that only a random selection of 25% (for example) of the matches will be replaced using the free version. And once the user replaces a certain keyword/phrase, that exact keyword/phrase can’t be replaced again without upgrading to Pro.