Можно ли выполнить замену в строке txt, без цикла:
>>> txt="one one two three for two"
>>> d=['one','two']
>>> w=['1','2']
>>> for a,b in zip(d,w):
... txt=txt.replace(a,b)
...
>>> txt
'1 1 2 three for 2'
P.S. не удачная попытка:
>>> txt="one one two three for two"
>>> [ txt.replace(a,b) for a,b in zip(d,w) ]
['1 1 two three for two', 'one one 2 three for 2']