Just wanted to update everyone and say a huge thanks to everyone that's commented. I'm still weighing my options about going forward and at the very least considering a few options going forward.
1: Depending on cost/lead time for a refurb board, perhaps go that route. I'll be honest about the fact that I'm a bit impatient and I was very excited to have a multi-year long project come together and work (albeit briefly). It's a large format build with a lot of bells and whistles that I don't have on other 3D printers, so I was very excited to see it move and have a decent amount of success printing.
2: Remove U3, and run an external 5V power supply. At this point, I'm somewhat leaning toward this option since I am running a BLTouch probe, and based on what I've read, they can be the cause of 5V failures. Having an external 5V source would likely afford me some more headroom, and additional cooling potential, since it's not located in a heavily populated area on the board. I'm also really not running much off 5V (Just BLTouch) since I have 24V fans. And as everyone has said, removal is generally easier than re-attachment.
3: Remove and replace. I do have some concerns about repair; just due to the board's age and the fact it's a slightly older revision. Looking through some of the revision notes, it seems the newer 1.04b and c revisions did have some improvements to the 5V circuitry, so that slightly pushes me away from the replace U3 option and toward external 5v or refurb. I'm not going to say I'm 100% confident in my ability to remove and replace the chip, but in general I would classify myself as mostly competent with soldering.
At this point, I'd lean toward option 2, but that's without an idea of lead-time and cost of a refurb. I know Duet is based in the UK, and shipping time to the US is either cheap or fast; not usually both.