If you want them to be linked I'd copy the footage to a new layer and then replace that with the ae comp. this way the orig edit still exists.
If you just want to move to ae you can replace in premiere and then undo and you will have the timeline in ae. You can also just copy and paste the clips from prem to an ae comp and get the timeline as well in one swoop.
Any way you choose none of them should be painstaking.
So I just got handed off a drive with an edit in premiere and maybe 30 clips in the timeline that need to be keyed and color corrected. I'm going to do the "replace clip with AE comp" so the projects are linked for the editor. Supposedly it is picture locked with "possible minor edits to come". I've seen how "minor" some of those edits can be, so I'm a bit wary of assuming lock at this point.
Now logistically, I can either select every clip that needs keying, and import the whole thing at once as a single AE comp running underneath the rest of the clips, or I can painstakingly create a new AE comp for all 30 clips individually, inside a master project. If there is a massive edit this would make things a bit easier.
I'm leaning towards importing the whole chunk of footage as a single comp, because then all the keying settings and color correct setting are in the same place. It's also much faster. Any reason I should go the other route? Or gotchas I should look out for?