Do you have thorough unit tests for the code that you are trying to refactor? If not, be aware that there is no way to know for sure that your refactoring won't break the functionality of the code.
Suppose it breaks the code. Have you thought about the operational impact to clients and the financial costs?
Let's say the costs are low. How big and political is your organization? What kind of trouble will you find yourself in? As the hysteria rises, will you be fed to the dogs over this?
How bureaucratic is your company and how many people do you need to interact with to fix a functionality breakage? The more people you will need to interact with, the more damage you will do to yourself and your reputation. Others will resent working in panic mode to clean up after you (now widely known as the "rogue" programmer).