Is there a verb that means "the act of replacing a word or phrase with an ellipsis"?
"Ellipsize" doesn't seem to be in the dictionaries. Is there a word for this?
I would use the word "elide", meaning to omit. It's usually used for spoken language (as in "midwestern US speakers frequently elide the 'g' in gerunds like 'running'), but can be used for written language as well.