It is a named variety so that's the only reason I would consider layering. There is very little about this tree that says bonsai to me so other than a named variety I would not waste the time on layering.
The graft is good. No undue swelling, clean taper to the trunk and no real difference in bark color. The green bark of the current trunk will turn brown as it ages. All that means that the graft alone is not sufficient reason to remove the graft. Consider layering if the nebari is not good (from the pic it seems there are 2 larger roots so not good nebari but there may be better spread below the soil) Consider layering if you want to change trunk angle and current roots won't allow the tilt. Otherwise that graft is no problem.
I don't like chopping JM in spring. I've had too many bad experiences with infection, die back and roots dying at that time of year. In my experience, late spring, summer or just after the leaves fall are much safer.