You're barking way up the wrong tree; trying to subclass NSLayoutManager in this situation is overkill. Your problem is merely one of swapping text stretches (replace abbrev by original or original by abbrev), so just do that - in the text, the underlying NSMutableAttributedString being displayed.
You say in a comment "some words map to the same abbreviation". No problem. Assuming you know the original word (the problem would not be solvable if you did not), store that original word as part of the NSMutableAttributedString, i.e. as an attribute in the place where the word is. Thus, when you substitute the abbreviation, the attribute remains, and thus the original word is retained, ready for you when you need to switch it back.
For example, given this string: @"I love New York"
You can hide the word "New York" as an attribute in the same stretch of text occupied by "New York":
[attributedString addAttribute:@"realword" value:@"New York" range:NSMakeRange(7,8)];
Now you can set that range's text to @"NY"
but the attribute remains, and you can consult it when the time comes to switch the text back to the unabbreviated form.
(I have drawn out this answer at some length because many people are unaware that you are allowed to define your own arbitrary NSAttributedString attributes. It's an incredibly useful thing to do.)