Dear Alex!
No and yes; depending on the context.
Regarding the etymology, no, because “stead†comes from Old English “stedeâ€, signifying precisely “placeâ€. But this clear, direct meaning has become a little veiled with time (although not as much in words like “steadfastâ€, for instance).
In this particular case, the Italian original implies some kind of menace: you --your whole person-- will be substituted, somebody will occupy “your place†whatever it is… I believe that “in your place†keeps better this emphasis to the modern ear (or mind); this noticeable thread. It sounds to me more severe.
Anyway, if the Italian text says: “al posto tuoâ€; why do not say in English exactly the same…, using similar terms?
(Do you remember when we were discussing the adequacy of “mobile†vs. “instabileâ€â€¦? C’est l’esprit de géométrie which I always like to keep; be it in science or in any other matter
Best regards!