"This takes me back to a discussion way back regarding the option to climb into IMC or make a precautionary landing. "
Does it?
Have you forgotten the thread?
A lapsed IMCR is the same as a lapsed IR - the key word is lapsed! The key word is not IMCR.
Therefore stay clear of cloud - make a precautionary landing if necessary.
That was what the last thread concluded.
Maybe worth reviewing the thread.
PS A current IMCR and a current IMCR pilot is the answer to this situation no more nor more less than a current IR and current IR pilot. The key word here is current for the avoidance of doubt.