replay vs take on

replay is a noun but take on is not a noun.

Word	Noun	Adjective	Verb	Adverb
replay	Yes	No	Yes	No
take on	No	No	Yes	No

As verbs, take on is a hypernym of replay; that is, take on is a word with a broader meaning than replay:

Other hypernyms of replay include encounter, meet, play.

replay (noun)	take on (noun)
the immediate rebroadcast of some action (especially sports action) that has been recorded on videotape
something (especially a game) that is played again

replay (verb)	take on (verb)
play again	take on a certain form, attribute, or aspect
repeat a game against the same opponent	contend against an opponent in a sport, game, or battle
play (a melody) again	admit into a group or community
reproduce (a recording) on a recorder	accept as a challenge
	take on titles, offices, duties, responsibilities