Sure, there is more than one way to do X. It will be useful to learn why you prefer sed over ed
The sed command doesn't get the indentation right, though, as the article says it could be indented by two or four spaces.
1.sed:
s/- baz/- elephant/;
/^ - elephant/{h;G;}
/^ - elephant/{h;G;}
s/- elephant/- baz/;
sed -f 1.sed foo|sed -a wfoo
or 1.sed:
/^ - baz/a\
- elephant
/^ - baz/a\
- elephant
sed -f 1.sed foo|sed -a wfoo
for speed, put $TMPDIR on memory file system
sed requires no temp file
works with all versions of sed, e.g., not all versions support "\n" in patterns nor so-called "edit-in-place" automatic temp file creation and removal