I think the viaduct itself being in a different position would be much more difficult than realigning the off-viaduct track bed to meet it - realignment seems fairly straightforward but the gorge that the viaduct crosses quickly widens south of the viaduct and I think it may do so north of it too.
Either way: a new viaduct south of the current one would block what is by far the best view of it, whilst going north would make it more difficult to keep the existing walking access on to the old viaduct from Okehampton. Perhaps it would be easier to get the thing delisted - obviously that would be a shame, but the choice between the railway vs. memories of the railway is an obvious one to me.