Is the clamp on the drop near the top? I guess it is. A little would depend on the condition, how long I intended to keep it so to speak and if the improvement would pay.
That looks like it could be a 100A meter base or did you say that? A little on what I intended to do. I agree it doesn't have to be attached there and as an upgrade might actually go to a new 200 and go underground. Here the cost was 3 a horizontal foot on your property if you had it piped and ready or 6 if they direct bury the wire.
That distance is short. A 200 8 space feed thru lugs is abou 2oo$ as is a 2 space disconnect cost the same, a guy can do outsid3e buildings if that is important, a well and disconnect the house from there or,,,,, we assume the service is in the basement now, put a new 200 there beside the old one would work for me too.
Leave the old service in place, install new beside it, after upgrade inspection rig it up to change over, when the poco comes they install new and remove old in one shot. You move priorities to new panel or feed old from new.
On an old service the actual wires may be rather limited. I didn't even bother on a recent buds service. The power was off about 10 minutes.
After the inspector left the day before installed a j box for 1 circuit, routed another wire or 2 in installed half a dozen breakers, had connectors in the box. I had put the new in better spot and most old wires reached the new, they turned off the old service and I disconnected the wires and had most back on including the lights I was using in about 5 minutes, as long as it took them to clip the old and hook to the new on the pole.
The original was overhead. Permit went to 150$ here now, used to be a steal at 50. As a diy scheme depending on location might be able to get out of it for 600 in materials and fees. Maybe up to 750 but never have to flash around it again, get a new base with new wire, never have it pulled down or damaged from your property.