The best possibility is using an XML parser, for instance:
If it is a rather small XML file, you could also just load the XML into a string(list) and use a regular expression:
var
Regex: TPerlRegEx;
Regex := TPerlRegEx.Create(nil);
Regex.RegEx := '<yourtag>.*?</yourtag>';
Result := objRegEx.Replace(inputString, replacementString, true);
You can get the TPerlRegex component here.
The third way would include doing all the dirty work by hand, using pos, delete and insert. You would have to find the two pos'es of the opening and ending tag and the pos of the > for the openeing tag), delete the string between those two indexes, and insert your default value afterwards (and you would have to iterate over all matches if there are more than one occurrences). Not the way I would prefer ;-)