Random thoughts (as if I had any other kind:grin

:
That's absolutely the first thing I'd try. The biggest concern would be the locknut outside the box, but a 1/2" slot along the top of the panel should let you slide large channelox (

) in to grip it. You should be able to spin the pipe from the roof more easily than spinning the pliers, once you break the sealant round the boot.
If it's tight, use the above-mentioned two-pipe-wrenches idea, one gripping in each direction, for a back-and-forth twisting to break friction, while both people lift. You're really gonna have to thread the new mast in carefully. If you deform the strap (if there is one, you might have trouble.
Once you get the old pipe out, you can peer down the hole from the attic with a flashlight before you decide what to do. If you're lucky, and there's nothing between the top plates and the box, you can add a threaded piece of pipe, the length you want to add, with a coupling, "up-periscoping" the existing mast and head.
Put the existing locknuts and bushing back on in the reverse of how you removed them. (You did leave the outside locknut in the wall, didn't you?

)