A few things about punching:
When you make a mistake, simply use the split tool to split before and after the mistake. Then before you delete the new clip.... use the auto punch ...turn it on then use the "set punch points to selection"..... NOW, you can delete the old mistake....
now, simply set the now point to a few measures before the punch..... hit record and start playing along.... play through the punch in/out ....
the new punch should be totally flawless. no clicks and no pops, and it the levels are the same it should sound like it was recorded at one time.
With a vocal punch, it's easier.... just split between the phrases and record the entire phrase again..... it's probably only a few words anyway.... so much easier than punching on a guitar solo for example.
level differences generally come from the actual levels being different and also if you use any gain or normalization on the track and then do your punch. HOWEVER.... using the select clip and then PROCESS> apply effect> gain.... then select the preset down arrow..... you have access to very small to larger boost and cuts to the level......I have used this to bring a clip up or down as needed to match the surrounding material.