Flyman35
Thanks for your post, as mentioned, thinking outside the box.
Naturally, when it comes to CRM, I often consider what will happen should we lose the remaining system, however in this case if you lost Pack 1 in flight, potentially you could reinstate Pack 2, so no big issue.
Can I ask whether you looked at the MEL though? I appreciate that the aircraft is in flight, therefore not legally pertinent but still has some useful tips. In our MEL with one pack inop/switched off I would refer to 21-52-01 which has a limiting altitude of 31,500'. Therefore this would have meant a descent to FL 300 (if available). On top of this, there would be the additional fuel burn (roughly 5% per 4000') to consider.
After considering our fuel state, delays, wx @destination & alternate, I would have then considered descending.
I have to admit that I am not totally sure what the 31,500' relates to, I would presume that it may be to do with sufficient air pressure in the fuel tanks? However, just to play safe I would have complied with the MEL, after all it must be in there for some reason!