For my clients, I try to keep it simple. 

Since the old check must still be paid, it is still outstanding and there is no need to mess with the old bank reconcilations.  I tell my client to edit the lost check in the QB file and simply change the check number. In the memo area of the check, I will ask them to write the old check number and the date the new replacement check was issued.

For the next reconciliation, the "old lost check amount" will simply be replaced with the new check number for an easy match when it is cashed.