diff --git a/GPU/Common/ReplacedTexture.cpp b/GPU/Common/ReplacedTexture.cpp
index 87b8c30fe6..b0823b1a2a 100644
--- a/GPU/Common/ReplacedTexture.cpp
+++ b/GPU/Common/ReplacedTexture.cpp
@@ -220,6 +220,12 @@ void ReplacedTexture::Prepare(VFSBackend *vfs) {
 
 		VFSFileReference *fileRef = vfs_->GetFile(desc_.filenames[i].c_str());
 		if (!fileRef) {
+			if (i == 0) {
+				WARN_LOG(G3D, "Texture replacement file '%s' not found", desc_.filenames[i].c_str());
+				// No file at all. Mark as NOT_FOUND.
+				SetState(ReplacementState::NOT_FOUND);
+				return;
+			}
 			// If the file doesn't exist, let's just bail immediately here.
 			// Mark as DONE, not error.
 			result = LoadLevelResult::DONE;
@@ -276,8 +282,7 @@ void ReplacedTexture::Prepare(VFSBackend *vfs) {
 
 	SetState(ReplacementState::ACTIVE);
 
-	if (threadWaitable_)
-		threadWaitable_->Notify();
+	// the caller calls threadWaitable->notify().
 }
 
 // Returns true if Prepare should keep calling this to load more levels.
diff --git a/GPU/Common/TextureCacheCommon.cpp b/GPU/Common/TextureCacheCommon.cpp
index 16fa289e9b..5ad9f98299 100644
--- a/GPU/Common/TextureCacheCommon.cpp
+++ b/GPU/Common/TextureCacheCommon.cpp
@@ -2967,7 +2967,7 @@ void TextureCacheCommon::LoadTextureLevel(TexCacheEntry &entry, uint8_t *data, s
 			replacedInfo.fmt = dstFmt;
 
 			// NOTE: Reading the decoded texture here may be very slow, if we just wrote it to write-combined memory.
-			replacer_.NotifyTextureDecoded(replacedInfo, pixelData, decPitch, srcLevel, w, h, scaledW, scaledH);
+			replacer_.NotifyTextureDecoded(plan.replaced, replacedInfo, pixelData, decPitch, srcLevel, w, h, scaledW, scaledH);
 		}
 	}
 }
diff --git a/GPU/Common/TextureReplacer.cpp b/GPU/Common/TextureReplacer.cpp
index c8b73a2e43..41f12b966d 100644
--- a/GPU/Common/TextureReplacer.cpp
+++ b/GPU/Common/TextureReplacer.cpp
@@ -582,6 +582,7 @@ public:
 
 	Path filename;
 	Path saveFilename;
+	Path alreadyReplacedFilename;  // if the texture was already replaced
 	bool createSaveDirectory = false;
 	Path saveDirectory;
 
@@ -604,9 +605,15 @@ public:
 			return;
 		}
 
-		// And we always skip if the replace file already exists.
-		if (File::Exists(filename))
+		// And we always skip if the auto-hash-named replace file already exists.
+		if (File::Exists(filename)) {
 			return;
+		}
+
+		// Also, if a named replacement already exists, don't save.
+		if (File::Exists(alreadyReplacedFilename)) {
+			return;
+		}
 
 		if (createSaveDirectory && !File::Exists(saveDirectory)) {
 			File::CreateFullPath(saveDirectory);
@@ -643,8 +650,9 @@ bool TextureReplacer::WillSave(const ReplacedTextureDecodeInfo &replacedInfo) {
 	return true;
 }
 
-void TextureReplacer::NotifyTextureDecoded(const ReplacedTextureDecodeInfo &replacedInfo, const void *data, int pitch, int level, int origW, int origH, int scaledW, int scaledH) {
+void TextureReplacer::NotifyTextureDecoded(ReplacedTexture *texture, const ReplacedTextureDecodeInfo &replacedInfo, const void *data, int pitch, int level, int origW, int origH, int scaledW, int scaledH) {
 	_assert_msg_(enabled_, "Replacement not enabled");
+
 	if (!WillSave(replacedInfo)) {
 		// Ignore.
 		return;
@@ -659,20 +667,24 @@ void TextureReplacer::NotifyTextureDecoded(const ReplacedTextureDecodeInfo &repl
 	}
 
 	bool foundAlias = false, ignored = false;
-	std::string hashfile = LookupHashFile(cachekey, replacedInfo.hash, &foundAlias, &ignored);
+	std::string replacedLevelNames = LookupHashFile(cachekey, replacedInfo.hash, &foundAlias, &ignored);
+	std::vector<std::string> names;
+	SplitString(replacedLevelNames, '|', names);
+	std::string replacedLevelName = names[std::min(level, (int)(names.size() - 1))];
 
-	// If it's empty, it's an ignored hash, we intentionally don't save.
-	if (foundAlias || ignored) {
-		// If it exists, must've been decoded and saved as a new texture already.
+	if (ignored) {
+		// If it's empty, it's an ignored hash, we intentionally don't save.
 		return;
 	}
 
+	// We do push other textures on a thread for saving.
+
 	// Generate a new PNG filename, complete with level.
-	hashfile = HashName(cachekey, replacedInfo.hash, level) + ".png";
+	// TODO: If we already have a filename but it's missing, should we use that filename or a generated one?
+	std::string hashfile = HashName(cachekey, replacedInfo.hash, level) + ".png";
 
 	ReplacementCacheKey replacementKey(cachekey, replacedInfo.hash);
 	auto it = savedCache_.find(replacementKey);
-	bool skipIfExists = false;
 	double now = time_now_d();
 	if (it != savedCache_.end()) {
 		// We've already saved this texture. Ignore it.
@@ -706,6 +718,7 @@ void TextureReplacer::NotifyTextureDecoded(const ReplacedTextureDecodeInfo &repl
 
 	task->filename = basePath_ / hashfile;
 	task->saveFilename = newTextureDir_ / hashfile;
+	task->alreadyReplacedFilename = basePath_ / replacedLevelName;
 	task->createSaveDirectory = false;
 
 	// Create subfolder as needed.
@@ -728,7 +741,7 @@ void TextureReplacer::NotifyTextureDecoded(const ReplacedTextureDecodeInfo &repl
 	task->h = h;
 	task->pitch = pitch;
 	task->replacedInfoHash = replacedInfo.hash;
-	task->skipIfExists = skipIfExists;
+	task->skipIfExists = true;  // if already in the "new" folder, don't bother writing.
 	g_threadManager.EnqueueTask(task);  // We don't care about waiting for the task. It'll be fine.
 
 	// Remember that we've saved this for next time.
diff --git a/GPU/Common/TextureReplacer.h b/GPU/Common/TextureReplacer.h
index fdcbfde1f4..0f22a5b3a5 100644
--- a/GPU/Common/TextureReplacer.h
+++ b/GPU/Common/TextureReplacer.h
@@ -111,7 +111,8 @@ public:
 	bool WillSave(const ReplacedTextureDecodeInfo &replacedInfo);
 
 	// Notify that a new texture was decoded. May already be upscaled, saves the data passed.
-	void NotifyTextureDecoded(const ReplacedTextureDecodeInfo &replacedInfo, const void *data, int pitch, int level, int origW, int origH, int scaledW, int scaledH);
+	// If the replacer knows about this one already, texture will be passed in, otherwise nullptr.
+	void NotifyTextureDecoded(ReplacedTexture *texture, const ReplacedTextureDecodeInfo &replacedInfo, const void *data, int pitch, int level, int origW, int origH, int scaledW, int scaledH);
 
 	void Decimate(ReplacerDecimateMode mode);
 
diff --git a/GPU/GPUCommonHW.cpp b/GPU/GPUCommonHW.cpp
index f1ddb8889c..51cd770fe6 100644
--- a/GPU/GPUCommonHW.cpp
+++ b/GPU/GPUCommonHW.cpp
@@ -1636,7 +1636,7 @@ size_t GPUCommonHW::FormatGPUStatsCommon(char *buffer, size_t size) {
 		"FBOs active: %d (evaluations: %d)\n"
 		"Textures: %d, dec: %d, invalidated: %d, hashed: %d kB\n"
 		"readbacks %d (%d non-block), uploads %d, depal %d\n"
-		"replacer: tracks %d textures, %d unique loaded\n"
+		"replacer: tracks %d references, %d unique textures\n"
 		"Copies: depth %d, color %d, reint %d, blend %d, selftex %d\n"
 		"GPU cycles executed: %d (%f per vertex)\n",
 		gpuStats.msProcessingDisplayLists * 1000.0f,
diff --git a/GPU/Vulkan/TextureCacheVulkan.cpp b/GPU/Vulkan/TextureCacheVulkan.cpp
index 9ead809799..be00c8efa6 100644
--- a/GPU/Vulkan/TextureCacheVulkan.cpp
+++ b/GPU/Vulkan/TextureCacheVulkan.cpp
@@ -648,7 +648,7 @@ void TextureCacheVulkan::BuildTexture(TexCacheEntry *const entry) {
 				replacedInfo.isVideo = IsVideo(entry->addr);
 				replacedInfo.isFinal = (entry->status & TexCacheEntry::STATUS_TO_SCALE) == 0;
 				replacedInfo.fmt = FromVulkanFormat(actualFmt);
-				replacer_.NotifyTextureDecoded(replacedInfo, data, byteStride, plan.baseLevelSrc + i, mipUnscaledWidth, mipUnscaledHeight, w, h);
+				replacer_.NotifyTextureDecoded(plan.replaced, replacedInfo, data, byteStride, plan.baseLevelSrc + i, mipUnscaledWidth, mipUnscaledHeight, w, h);
 			}
 		}
 	}