Bingo. If you equate this technique to a DB migration, you could have "up" and "down" directions for the translations from version N <=> N+1.
Then if you have 90% confidence you'll only ever need to replay the upgraded stream, you can upgrade it and destroy the previous version.
If at some point (the remaining 10%) you need to rescue the old stream, you can run the "down" direction and rehydrate the old version of the stream.