Overwrite a running script and restart?

I have a (bash) script which runs on startup and wraps around a binary
executable. If the binary exits, it performs certain actions based upon
return code.

One of these actions is to update certain files on the system -- this
is performed by running the update script from the wrapper, but I need
the update script to be able to update the wrapper itself.

Can I safely overwrite the running script? If not is the best way to
make an extra startup script to do the overwriting, then reboot?

TIA,
--rob

.

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