How to set record punch in time quickly?

The fastest way to set it.... there are 3 ways to do it....

from the record options menu drop down, (slow) requires entering numbers

from the toolbar, you can place the start/end punch tool on the tool bar for easy access.....(also kinda slow)  requires entering numbers

My favorite: no numbers....totally mouse...... highlight the clip you need to redo..... at the top of the screen (top right on my MC4)  there is a punch in button (not part of the tool bar... up near the very top) click it and it turns red. Right beside it is a "snap to clip button" ...click it (it also lights up) and the punch in/out is automatically set to the start and ending time of the selected clip.  (I use this because it's fastest)

Note: if the track is one long take..... simply split it in two places, before and after the desired punch points..... you now have a clip..... do this on an audio track.... split doesn't work (I don't think) on a midi track.... but once you set the clip and use the punch in out points.... the platform will punch in/out on audio or midi at the appropriate time regardless of track type.

Another trick I use is to set the punch out to the end of the tune..... and then move my punch in along the timeline as I need to.

Basically what GuitarHacker said (I think!) is:
1. Highlight the timeline where you want to punch,
2. On the Large Transpor Bar (F4) there's a 'punch to selection' button below the toggle punch on/off button click that.
3. Arm track for recording
4. Record stuff.

Good luck

Ididn't mean for that to come across as "what he means is...", I meant to say "I do the same as Guitarhacker ....".  Just reiterating.