Trent
I'm long out of Oz, but guided by what you have pasted, I would have no problem climbing back to circling altitude from a high on vasis or poorly aligned approach, if visual within the circling area.
I'd go as far to say it is the safer option having witnessed crews doing a full IMC GA, another approach and circle. They generally cock-up or persist with a destabilized circling approach next time around. Real world you would hope they just divert.
I would not climb from a runway approach below at the MDA to a circling minima for another RWY. Doesn't seem right and makes the hairs on the back of the neck stand.
Gee I don't miss the bush lawyers and AIP's of Oz.
