I would not have both 208Y/120 and 220Y/127 I would just change it, do a coordinated change to all the North American standards at the same time NEC and ANSI C84, CSA, NOM like they did when it was 190Y/110 and we bumped it to 200Y/115.
No need to replace any existing equipment, anything rated for 208 most likely can work on 240.
The problem with bunping 120 to 127 would be 120V rated incandescent lighting and I am not sure what else?
Perhaps old tube tube equipment?
The benefits would be reduced voltage drop, instant energy savings,
and utilities that have always hated delta secondaries can phase out some 240 delta services with a wye 220.
You can still find 200Y/115 and even old 190Y/110 labeled equipment out there, its not like all the 208 stuff would need to be replaced, I think there was a thread a few years back showing a transformer in a theater building that was labeled 190Y/110