After a few hours fighting this problem a couple of weeks ago, I find this rather handy script to find and replace a string in a TEXT field in SQL Server.
SQL Server really does make some tasks incredibly awkward that are trivial in even relatively lightweight databases like MySQL - it is rubbish at find/replace, and its fulltext search requires sceduled indexing and godawful syntax.
on a sidenote I have started yet another personal project - Mayfly. So far I have put together some very very crufty alpha code that provides a CDBI API to Bugzilla that will form the underlying model while Maypole will handle the View/Control aspects and Email::* will handle mail. see the following link for work so far.. Development-Bugzilla svn repository