Generating fields in views with search/replace?

Hi,

Say I have a table with fields 'template' and 'original_letter', and
'new_selected_letter'.  'template' could be 'abcdefg0abcdefg',
original_letter could be 'A' and new_selected_letter could be 'B'.

I want a view where I see 2 fields: 'original' as 'abcdefgAabcdefg'
and 'new_selected' as 'abcdefgBabcdefg', where the view has replaced
the '0' with original_letter or new_selected_letter respectively.

Sorry for the silly example, but is there a way for me to do this in
Postgresql?  I'm using Postgresql 9

Thanks.  Regards,
       Asfand Qazi