I don't want to start a discussion so I am keeping my question to numbers.
I have a table in my MySQL database that has 3099916 records. Now two columns of the table are the same except for a single character.
In my case they are URL and Thumbnail_URL from the same image.
Size of URL string is 72 characters.
like image URL is 12345sss_a.jpg
while Thumbnail URL is 12345sss_b.jpg
Now what'd be better for me, i.e the most efficient way
Depends on size of your data base.
Under current circumstances replacing is much much better, because your table is pretty much big.