Any time you can remove CI it is good in my opinion. Yes go from the no hub connection in the basement as high as you can. I don't know what type of no hub was used but you need what is called a banded coupling. It has 2 hose type clamps on both ends with a solid stainless steel band that gos all the way around the coupling end to end and under the clamps. You will need to support the pipe well above the point that you cut so it won't fall on you or into your house. You cut the pipe with what is referred to as snap cutters. They can be rented.