The "#failover replicate" command, which is available only on the secondary failover partner, allows you to optionally replicate the authentication, logging and alert, and access control list (ACL) configuration of the primary.
For the "ERROR: Replication lag storage limit exceeded" reported, this would happen if too much components may have been defined in replication.
Ensuring that the optional components aren't replicated would keep the replication storage under control and within limit.
As a general guidance, you, should have the below, after implementing replication, on the secondary failover partner.
To guide the failover implementation on the primary and secondary MC failover partners, please refer to the Tech. docs. with URLs below.
On pages 549 - 554: https://techdocs.broadcom.com/content/dam/broadcom/techdocs/symantec-security-software/web-and-network-security/management-center/2-4/generated-pdfs/management-center-3-1.pdf
For more on what's replicated between failover partners, and more, please refer to the snippet below, as extracted from the MC documentation with URL already shared above.