In terms of the html editor workflow, in the new version you can edit the field settings and set the field type to html editor and it should create the html editor for you in the wizard itself.
However your old workflow of replacing after should work as well.
Your installation order and process appear to be correct, so before having you try reinstalling I'd like to try to reproduce the issue and make sure it isn't a bug that was somehow introduced that we need to address.
What is the operating system and Dreamweaver version you are using? We'll make sure it isn't an issue with the extension, and if it is we will get it fixed quickly and make an update available as soon as possible. If we can't reproduce it, we can create a support incident and give you a call to debug it with you directly.