Having worked in the utility industry for 20 years, I can tell you the following:
No protection scheme that relies on words on a paper can be considered effective.
At some point in the future, some plant dude is going to put more load on his system if the system, at a glance, can accommodate it.
It is more often a 'dance of a thousand cuts' where a little bit of load is added for this process here, that project there, until the 'artificial' load limit is exceeded.
Here in Ontario, the local safety authority (ESA) will often require that the primary trip device (typically the main load-side breaker) be 're-plugged' to trip at a lower current limit to protect whatever is the weak link, the breaker MARKED with this lower limit, and that there be a one-line POSTED in the main electrical room that clearly indicates what the limit is and why. Even then, I have seen overloaded systems.
The CTs, buses, etc should be upgraded, particularly if you are leaving them in place to save time / money rather than for a technical reason.
The newer CTs that are accurate down to 1% of nominal rather than the old-school ones that needed 10% of nominal can solve a lot of problems.