You'd need to create a single Search that finds ALL words, then the Function-Replace would switch between each word and it's replacement.
You could also do an editor plugin which does each find-replace in turn. (It could take wordlists.)
But no one has written such a calibre editor plugin. In fact, the only publicly posted editor plugin is DiapDealer's plugin for dealing with spans and stuff. Would be nice if people would create more plugins.
Personally, my first step would be to switch the Language metadata to en_GB, activating the en_GB dictionary, and fixing the common misspellings.
That would catch "color" --> "colour" at least, although not "cell phone" --> "mobile phone".