[I also posted this reply on the Corrosion forum where I saw you had also posted this inquiry].
It seems near incredulous to me that a water/wastewater header with steel pipe was installed on or about 1976 with no lining whatsoever (do you by any chance have any way to drain and are there any hatches, blind flanges, air releases, spools etc. that could be quickly removed in a short dowen period to sneak a peek at the interior conditions?); however/regardless, if you have confirmed a consistent steel thickness of 1/2" now in this 24" steel piping after 30 years of service, I'm not sure (even if this is bare piping) that I can come up with a persuasive reason you would not be able to get a few more good years out of same in your rather low pressure/40 psi service!
I believe it has however been some common to line water and domestic wastewater pipes that flow full (and non-acid-producing etc.), for internal corrosion protection and maintenance of flow properties, with cement mortar. It is my understanding this can even be done to steel and other piping in place, e.g. in accordance with ANSI/AWWA standard C602,CEMENT–MORTAR LINING OF WATER PIPELINES IN PLACE— 4 IN. (100 mm) AND LARGER, although I am not sure how practical such operations might be for your operational/waste water header configuration/situation. If you are interested in this you might do a search for experienced in-situ lining contractors in your area, that might help with further evaluation/remediation of any problems.