Yes keith, possible thats the easiest method I have been suggesting,
Uninstall /installing of SEPM does not need a reboot
Install a new sepm, 12.1.4 ( thats the latest),
use the migration and deployment wizard, get the clients to new sepm, once all set , remove the old sepm.
I believe you exported policy from old sepm, you can use that to the new sepm...