Dostosowanie rozwiązania podanego przez @rivarolle
DECLARE @QUERY VARCHAR(MAX)
DECLARE @FORMATTED varchar(max)
SELECT @QUERY='SELECT * FROM QUERIES WHERE QUE_NOMBRE='''+'PRUEBA 1'+''''
;WITH TOKENS AS(
SELECT
t.r.value('.', 'varchar(MAX)') AS token
, ROW_NUMBER() OVER (ORDER BY (SELECT 1)) AS Id
FROM (
SELECT myxml = CAST('<t>' + REPLACE(@QUERY, '''', '</t><t>''</t><t>') + '</t>' AS XML)
) p
CROSS APPLY myxml.nodes('/t') t(r)
)
,
Tokens2 as (
SELECT
TOKENS.token as token
,quotes.row%2 as tipoapostrofe
from Tokens
left join (select row_number() over( order by Id asc) as row, a.* FROM (SELECT * from Tokens) a where Token = '''') quotes
on quotes.Id = Tokens.Id
)
SELECT @FORMATTED = STUFF((
SELECT ' ' + REPLACE(token,'''',CASE tipoapostrofe WHEN 1 THEN '''''''+''' WHEN 0 THEN '''+''''''' ELSE '' END) AS [text()]
FROM Tokens2
FOR XML PATH('')
), 1, 1, '')
print @FORMATTED
To działa, wystarczy funkcja do czyszczenia znaków specjalnych XML i druga do wstawiania, a zapytania dynamiczne są drukowane gotowe do aktualizacji.