Edible insects are gaining increasing interest as sustainable protein sources due to their nutritional value and lower environmental impact. Locusta migratoria powder (LMP) is a promising ingredient for the development of innovative meat products. This study aimed to evaluate the feasibility of using L. migratoria powder in traditional Spanish longaniza de Pascua as a partial replacement for lean meat. The control batch (CTB) was formulated with 70% lean meat and 30% back fat, together with water, salt, and spices. LMP was incorporated at different levels [5% (B5%) and 10% (B10%)] as a replacement for lean meat, and its effects on technological properties (pH, water activity (aw), color, texture profile analysis (TPA), and Warner–Bratzler shear force), nutritional composition (proximate composition, mineral profile, and fatty acid profile), and sensory characteristics were evaluated using 50 untrained panelists. Significant differences among treatments were determined by analysis of variance (ANOVA) followed by Tukey’s test (p < 0.05). Fat content was significantly reduced, particularly in B10%. The reformulated products were also darker and exhibited greater cohesiveness and hardness than CTB. Their fatty acid profiles showed increased proportions of linoleic and α-linolenic acids in both B5% and B10% compared with CTB. The reformulated products maintained a mineral profile comparable to that of the control, particularly for K, Mg, and P, while Na concentration decreased in a level-dependent manner. B10% received the lowest overall acceptability scores, mainly due to its color, texture, and off-flavor. The incorporation of LMP demonstrated the feasibility of this reformulation strategy, improving the nutritional profile without affecting pH, water activity, or mineral content. However, the highest inclusion level (10%) negatively affected consumer acceptance, suggesting that lower inclusion levels may provide a better balance between nutritional improvement and sensory quality.