It is the age old question that arises when a major road project is planned;keep the main in service or replace it.
I happen to have a 1967 edition of A21.1 (AWWA H1) The corrosion allowance is 0.08 in. I assume that is what you were using. Table 1-1, 12 inch pipe at 150 psi, at an 8 foot cover on the laying condition F (the most severe) requires a thickness of 0.58 inches. Will you be exceeding thes conditions after the road is built? Are the soils corrosive in the area?
I am not too familar with A21.1 since it is an old method, but reading into it as I make this post, one also has to subtract another 0.08 inches due to casting tolerances. That puts you at the depth and condition for a 0.49 inch main. I could not find a safety factor from built into A21.1., but would assume that it is at least 2:1 if not 3:1 by looking at the ultimate burst values for each of the corresponding pressure ratings.
It is easy to simply replace the pipe if you do not have to pay for it. Depending on the situation, the main may not be fully depricated financially, this may be a factor.
The advantages with the main as is if you are comfortable with the installation is: it is most likely cement lined, it is the same outside diameter as new ductile iron main allowing for off the shelf fittings, it used either tyton on SBT rubber gaskets when installed, not leadite. Leadite, the lead substitute is causing numerous problems years later.
The disadvantages are: it is cast iron, it could have been droped when installed causing a microcrack, and not burst for another 10+ years when it is more than 50 years old, you may not know how it was layed and backfilled, most mains I have seen break around this vintage are circumfrential splits, likely caused by poor installation methods. Also you may not know how others will treat the pipe, I have seen large compation equipment at full amplitude pound on subgrade, then the construction crew wonders why the cast iron main only a few feet below the subgrade breaks.
Good Luck making your evaluation.