It's perfectly legal to have the mini-y comp replaced. As long as your jurisdiction allowed the mini-y comp, then you can put on another comp, like a cooley or any other just as well. Just double check your local laws about Flash hiders as opposed to comps before you put anything other than a comp on it.
As far as the cost effectiveness of having the work done as opposed to selling it and buying another one, it depends on if you can find someone to buy yours and what you can find to replace it.
I had a bushmaster 14.5 with the mini-y comp and I just sold the entire upper, took the $40 loss from what I paid for it and then bought a different upper to replace it. There was no way I was going to be able to buy a replacement comp, have the mini-y removed, the new one put on and welded for under $40.
So for me it was more cost effective to sell and replace.
Best of luck.