Magne-blast gear is good stuff. Properly maintained, I think "forever" might fit the blank for "life expectancy". A good service company versed in maintaining this gear can do wonders for further reliability.
As to arc-flash issues, there are remote racking devices available for this equipment, and remote control operation is pretty easy. This will give a bit better margin of safety for the old line-up.
Replacing the entire line-up of working equipment with something for the sake of "arc-flash", well, that depends on how excited your management gets about the safety aspects of arc-flash issues. They will have to put their own number to that, because if your Magne-blast gear is still working, there's an order of magnitude difference in refurbishing the old gear and replacing it with the new stuff.
old field guy