Changing the hardware out doesn't usually work unless you know what is generating the information that the company uses to blacklist the item. Many times it's just the sim card. As was stated I'd try the sim card first, they are cheap and have lots of information on them. However if they use something like the embedded serial number, this won't fix the type of problem.
Jack
In theory you can use the phone in any country outside the country that it was blacklisted in! Usually that is the only requirement! The other option is as you suggested to replace the internal circuitry or buy a damaged S5 like a cracked screen and replace it using your blacklisted S5!
SOURCE: my iemi number has been blacklisted
In my experience, with AT&T and TMobile, (sim Card) carriers, you can put another sim card in your device, and it will work.
However, when you make a claim via insurance for a "Lost or Stolen" phone, they lock the device itself to prevent thiefs from accessing all your vital accounts Ex: Facebook, Bank, Etc
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