To what degree can the Rare Earth Elements be interchanged in its workaday applications?
It depends on the particular use of the "rare earth". Mischmetal, containing an assortment of mixed lanthanides, can be used as-is for lighter "flints" or fire-starters. On the other hand, ultra-high purity lanthanide elements are needed to get specific spectral lines for lasers, for example.

Other uses, such as in magnets and in high-temperature superconductors, may be somewhat less demanding of purity. Didymium glass, for example, used in glasswork to block yellow sodium light, is a mix containing primarily samarium, praseodymium and neodymium.

Another expense involved in lanthanide production is separation and disposal of the radioactive isotopes from the ore. At one time, for example, gas lantern mantles contained mildly radioactive $\ce{ThO2}$, but those are no longer available in many countries due to concern about the alpha emitting thorium and the alpha and beta emissions from daughters.