Right you are Pilgrim
For some reason what you said reminded me of Covanent Theology and the charge that it is "Replacement Theology".
The fact is no knowledgable person who holds to CT, whether Paedo or Credo would say that the Church replaced Israel. For all in Christ whether National Israelite or Gentile are the true Israel of God, otherwise known as "the Church".
Not sure if I needed to add this aspect to the discussion, but just sayin.
Tom