I know this is a simple answer and I could probably keep digging around on Google before I stroll across the answer. But I am on a tight schedule and I was hoping for an easy re
sed -i -e '/^ONBOOT=/s|.*|ONBOOT=yes|; /^BOOTPROTO=/s|.*|BOOTPROTO=static|' file
Also try:
sed -i -re 's|^(ONBOOT=).*|\1yes|; s|^(BOOTPROTO=).*|\1static|' file
Or
sed -i -e 's|^\(ONBOOT=\).*|\1yes|; s|^\(BOOTPROTO=\).*|\1static|' file