Thanks all, sorry for not replying sooner - you all gave me much food for thought.
In the end, as we've modernised (or are in the process of doing so) the rest of the house, I decided now is probably the moment to just replace it all.
I was very nervy about removing it, but I've done the top half (above the branch) today and it was fine and I didn't kill myself (It may have taken me a few minutes to pluck up the bottle - I bloody hate heights). It's very crusty inside, and quite brittle and the bracket I removed was nowhere near affixed as solidly as I would have liked. So, all in all, committed to that decision.
Appreciate all the other thoughts, too, and may well look re-route some of those other 40mm wastes too, or at least leave myself the option in future