The answer is yes - you can make the approach provided it is a circling to the other end.
Why?
The "Approach Ban" prevents one from continuing an approach beyond the OM or equivalent position if the reported vis/rvr is less than the applicable minimums
In the case described, the applicable minimums are the Circling minima which are in terms of visibility.
The ILS minima is not of interest once it has been decided to circle.
Breaking visual and landing straight-in could bring up an interesting question in that the weather is below the straight - in minima and thus the approach ban would have been broken.
Very intresting situation.
From a practical point of view, I would want 2 alternates and if we went missed from the circling at any stage, would not be hopefull of an improvement in the weather which could justify hanging round to have another go.
Regards,
DFC