Since I cracked this today...it's very simple...
$stuff = str_replace("ê", "ê", $string);
Works well enough. Although, it's certainly better to create arrays() of your search and replace information. I actually set a forwards and backwards part to the function so that I can use it to both change the values going into the database and also when it comes out of the database into the textarea where users can make changes.
I'm not sure why I didn't get this the first time around, but this headache has been solved...if anybody ever happens to read this thread...
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