Sorry for the delay in responding to ur update as I was out of town for a week. The solution prescribed by you works fine only change that I made to the same was
%s/\(command:\)\(.*\)$/command: ls -ltr/gc
I needed command: $UCMDPATH/abc xyz to be replaced by command: ls -ltr
':,$' means from the first line to the last line
You are trying to remember patterns when you use parenthesis. So,
s/\(command:\)\(.*\)$/ --> tells sed to remember 2 patterns; one is 'command:' and the other is rest of the line till the end of line. This can be referenced by \1 & \2.
Please read this link for more explanation.