Это будет нормально для ограниченного использования ...
SELECT 'Starting'
WHILE @@ROWCOUNT <> 0
UPDATE MyTable
SET
myValue1 = CASE
WHEN @columname = 'myValue1'
THEN REPLACE(REPLACE(myValue1, 'bbb', ''), 'aaa', '')
ELSE myValue1
END,
myValue2 = CASE
WHEN @columname = 'myValue2'
THEN REPLACE(REPLACE(myValue2, 'bbb', ''), 'aaa', '')
ELSE myValue2
END,
myValue3 = CASE
WHEN @columname = 'myValue3'
THEN REPLACE(REPLACE(myValue3, 'bbb', ''), 'aaa', '')
ELSE myValue3
END,
...