Hi Carl,
Here's a cool "trick" that I use--use the bleep sound as an ambient noise buffer and use replace with ambient noise.
Here's how.
First, I created a new audio file project that is 30 seconds of a 1K sine wave:
-File->New->Audio File (for mono dialog, I used mono, 48K)
-Add a bleep tone: Process->Instert->Waveform... (I used 1K sine wave, 10sec, -12dB--use settings that make sense based on your dialog)
-Save as to create a bleep.stap file to use whenever you need to do bleeping out of words.
Now for the bleeping out of words:
-Load your bleep.stap
-command-a to select all
-command-c to copy
-Select: Process->Set Ambient Noise from Clipboard
-Load the file that needs to have words bleeped out (in the waveform editor)
-Select the area of the word you want to bleep out (click & drag)
-Select: Process->Replace with Ambient Noise to bleep out your selection
Repeat the Select and process->Replace with Ambient Noise for each of the words you need to bleep out.
Save.
Using this approach, the process of bleeping out words is REALLY fast and easy.
I hope this helps.