Can a donated sperm cell be stripped of its original owners DNA and be replaced with DNA of another person to make a biological child of a man who has low production in sperm?
Not with present technology. There is next to no cytoplasm in a sperm cell. You cannot suck out its nucleus. If your remove its nucleus, the whole thing will just collapses on itself.
As for you question of replacing nucleus?. One current technique (Intra-cytoplasmic sperm injection - ICSI) is to inject a single sperm of a man with low sperm count with minimal mobility directly into an oocyte. (Ie sperm that is so bad that they effectively cannot swim on their own)
Unfortunately there is some indication, that this technology has made an entire generation of sons, who have also inherited their father's low sperm count and limited mobility. And now have a higher than average chance of needing IVF assistance. https://www.newscientist.com/article/2108218-male-fertility-treatment-seems-to-pass-infertility-on-to-sons/