The New Testament does not support this theology, I suggest the entirety of Romans 11 rebuts this exact thinking that began to creep in to the early Church.
*I edited my reply as the more I read your response, the more I see there is some truth to it. Some Jews did indeed convert, and the Church has done a far better job of spreading the Gospel than the Jewish nation ever did. But, the Church absolutely DID NOT replace the nation of Israel and the covenants God established with them in the Old Testament.
They were "chosen" to bring forth Our Lord, God, and Saviour Jesus Christ. That's it. That's the entirety of their "chosen" status, because God has this strange way of exalting the weak over the strong, the poor over the rich, and the insignificant over the well known, so it only follows that he bring forth the perfect man and perfect God from the most morally disgusting people known today. If Jesus Christ can come from the Jews, what's everyone else's excuse?
I suggest you go back a few pages and read Romans 2:28-29, then Romans 4, and if you still insist, go read Matthew 3:7-12, paying close attention to verse 9, it's a good one, then ponder on the Parable of the Vineyard, follow up with reading the entirety of Galatians.
They don't have a temple anymore, they couldn't practice Old Testament Judaism even if they wanted to, their only option is Christ
Point is, God doesn't care which group you are born into, he cares how you act with what you've been given.