Hi,
I have a working ArcMap script tool called Update Map Elements that updates text and numbers in ArcMap documents.
It has four parameters; Workspace, Output, oldText and newText. Workspace is where the input folder goes. Output is the save-to folder. OldText is the text string to be replaced by the newText text string (Red Branch changes to Blue Branch).

My problem is: how can I have multiple string values? So, in the above parameters I specify the Red Branch string value to be replaced by Blue Branch. What if I wanted to have a bunch of string values--such as Red Branch, 600, Violet (oldText) and the corresponding newText values Blue Branch, 800, Green?
I have a feeling I add index positions to the values within the script, but I'm not sure how. I've had a look at this though I'm not sure it's the right approach: SetParameterAsText—Help | ArcGIS for Desktop
Here's the script behind the Update Map Elements tool:
<SPAN class="comment token">#set path to relevant folder</SPAN>
<SPAN class="keyword token">import</SPAN> arcpy
<SPAN class="keyword token">from</SPAN> arcpy <SPAN class="keyword token">import</SPAN> env
<SPAN class="keyword token">import</SPAN> os
arcpy<SPAN class="punctuation token">.</SPAN>env<SPAN class="punctuation token">.</SPAN>overwriteOutput <SPAN class="operator token">=</SPAN> <SPAN class="token boolean">True</SPAN>
<SPAN class="comment token"># set path to relvant folder</SPAN>
arcpy<SPAN class="punctuation token">.</SPAN>env<SPAN class="punctuation token">.</SPAN>workspace <SPAN class="operator token">=</SPAN> Workspace <SPAN class="operator token">=</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>GetParameterAsText<SPAN class="punctuation token">(</SPAN><SPAN class="number token">0</SPAN><SPAN class="punctuation token">)</SPAN>
Output <SPAN class="operator token">=</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>GetParameterAsText<SPAN class="punctuation token">(</SPAN><SPAN class="number token">1</SPAN><SPAN class="punctuation token">)</SPAN>
oldText <SPAN class="operator token">=</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>GetParameterAsText<SPAN class="punctuation token">(</SPAN><SPAN class="number token">2</SPAN><SPAN class="punctuation token">)</SPAN>
newText <SPAN class="operator token">=</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>GetParameterAsText<SPAN class="punctuation token">(</SPAN><SPAN class="number token">3</SPAN><SPAN class="punctuation token">)</SPAN>
<SPAN class="comment token"># list the mxds of the workspace folder</SPAN>
<SPAN class="keyword token">for</SPAN> mxdname <SPAN class="keyword token">in</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>ListFiles<SPAN class="punctuation token">(</SPAN><SPAN class="string token">"*.mxd"</SPAN><SPAN class="punctuation token">)</SPAN><SPAN class="punctuation token">:</SPAN>
<SPAN class="keyword token">print</SPAN> mxdname
<SPAN class="comment token"># set the variable</SPAN>
mxd <SPAN class="operator token">=</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>mapping<SPAN class="punctuation token">.</SPAN>MapDocument<SPAN class="punctuation token">(</SPAN>Workspace <SPAN class="operator token">+</SPAN> <SPAN class="string token">"\\"</SPAN> <SPAN class="operator token">+</SPAN> mxdname<SPAN class="punctuation token">)</SPAN>
<SPAN class="comment token"># replace '2016' that occurs in the title of document</SPAN>
<SPAN class="keyword token">for</SPAN> elm <SPAN class="keyword token">in</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>mapping<SPAN class="punctuation token">.</SPAN>ListLayoutElements<SPAN class="punctuation token">(</SPAN>mxd<SPAN class="punctuation token">,</SPAN> <SPAN class="string token">"TEXT_ELEMENT"</SPAN><SPAN class="punctuation token">)</SPAN><SPAN class="punctuation token">:</SPAN>
<SPAN class="keyword token">if</SPAN> oldText <SPAN class="keyword token">in</SPAN> elm<SPAN class="punctuation token">.</SPAN>text<SPAN class="punctuation token">:</SPAN>
elm<SPAN class="punctuation token">.</SPAN>text <SPAN class="operator token">=</SPAN> elm<SPAN class="punctuation token">.</SPAN>text<SPAN class="punctuation token">.</SPAN>replace<SPAN class="punctuation token">(</SPAN>oldText<SPAN class="punctuation token">,</SPAN> newText<SPAN class="punctuation token">)</SPAN>
<SPAN class="keyword token">print</SPAN> <SPAN class="string token">'{} changed'</SPAN><SPAN class="punctuation token">.</SPAN>format<SPAN class="punctuation token">(</SPAN>elm<SPAN class="punctuation token">.</SPAN>text<SPAN class="punctuation token">)</SPAN>
<SPAN class="keyword token">for</SPAN> elm <SPAN class="keyword token">in</SPAN> arcpy<SPAN class="punctuation token">.</SPAN>mapping<SPAN class="punctuation token">.</SPAN>ListLayoutElements<SPAN class="punctuation token">(</SPAN>mxd<SPAN class="punctuation token">,</SPAN> <SPAN class="string token">""</SPAN><SPAN class="punctuation token">)</SPAN><SPAN class="punctuation token">:</SPAN>
<SPAN class="keyword token">if</SPAN> oldText <SPAN class="keyword token">in</SPAN> mxd<SPAN class="punctuation token">.</SPAN>title<SPAN class="punctuation token">:</SPAN>
mxd<SPAN class="punctuation token">.</SPAN>title <SPAN class="operator token">=</SPAN> elm<SPAN class="punctuation token">.</SPAN>text<SPAN class="punctuation token">.</SPAN>replace<SPAN class="punctuation token">(</SPAN>oldText<SPAN class="punctuation token">,</SPAN> newText<SPAN class="punctuation token">)</SPAN>
<SPAN class="comment token"># move the mxd.saveACopy outside of the if loop so a copy is saved even it does not meet the condition of the if loops</SPAN>
mxd<SPAN class="punctuation token">.</SPAN>saveACopy<SPAN class="punctuation token">(</SPAN>os<SPAN class="punctuation token">.</SPAN>path<SPAN class="punctuation token">.</SPAN>join<SPAN class="punctuation token">(</SPAN>Output <SPAN class="operator token">+</SPAN> <SPAN class="string token">"\\"</SPAN> <SPAN class="operator token">+</SPAN> mxdname<SPAN class="punctuation token">)</SPAN><SPAN class="punctuation token">)</SPAN>
<SPAN class="comment token"># do not include this delete statement inside the above loop or it will delete the mxd object inside the loop. Make sure to dedent.</SPAN>
<SPAN class="keyword token">del</SPAN> mxd <SPAN class="line-numbers-rows"><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN><SPAN></SPAN></SPAN>Thanks in advance.