If the program on the existing Modicon CPU wont do anything but exchange the IO via Modbus TCP, there will be no need to change the program at a later date.
If you need to install any new hardware to the existing Modicon PLC, then it is better to bite the bullet and replace everything for new S7-1500 hardware right away.
It kind of depends how many modules, inputs and outputs there is.. And I think you are forgetting the rewiring and new schematics, dimensions change etc.. Not needed if he just replaces the PLC with a distributed periphery module..