These are my recommendation:
Assuming this is properly version controlled, you should just replace the code. That's the beauty of version control system, you can rollback to a previous change.
If possible make the code self documenting rather than put comments in there to explain.
I don't recommend commenting out the code, if you have version control, as it probably won't be cleaned up and leaves guess work for anyone later. They'll probably think there is a reason why that code is commented out.
Ensure all your code is properly tested before committing.