You can always get a class 1 next time
Really? What if you fail it!!
The initial class 1 medical has more stringent criteria than a renewal and, as none of us is getting any younger, I would recommend sooner, rather than later, if you have real commercial aspirations.
A lapsed Class 1 becomes a class 2 and so long as you get the Class 1 medical renewed with a class 2 time scale, you won't have to undergo the initial examination at Gatwick!
Cheers
Whirls