I did consider that but it would mean taking existing old cast iron drainpipe off the old bracket, cutting a section off and then re-instate. It seems a lot more work compared to putting a diverter kit to it.
How did you get on in the end? Did you manage to connect your water butt to the cast iron drainpipe?
I'm planning to do the same... have bought the butt and a standard diverter kit just want to know what to expect before I start!