Macro Limitations

I'm currently evaluating Idea vs my long time editor Visual SlickEdit. Really the one problem I have with Idea is its limited support for macros. Perhaps I'm just missing something though.

Given a (simplified) file like this:
-

def test_foo
def test_bar
def test_fum
-

With SlickEdit, I use a macro I defined that:

1) finds the string 'test' in the current line, then select the whole word (say it's test_bar)
2) cut it (putting in the paste buffer) type the letter 'y' then paste it (now the line is 'def ytest_bar')
3) replace all 'def test' with 'def xtest' in the file
4) open the search dialog, and paste in from buffer, finding 'foo_bar' again
4) backspace over the 'y'

the result is:
-

def xtest_foo
def test_bar
def xtest_fum
-

I've tried recording a macro in Idea to do this, but I can't get ti to work. Frankly, if I could get such a beast working in Idea my evaluation would be over and Idea wins. Is it possible or should I quit trying?

Idea v 5.1.2