I personally only like T1-11 siding for outbuildings like sheds (that's what I used), as the t1-11 is also my exterior sheathing.
If it were my house, and it was an issue with water getting in the house, and not just aesthetic, I would add a house wrap (like tyvek) and side over the t1-11 with vinyl. But that's me and not everyone would agree with that =).
Though, if it's not causing any issues, why replace?
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