@reppresident I was hoping that someone with a MP5,1 would respond. I'll give it a shot...
I don't know how much you know, so I'll assume you know what you're doing.
If you have enough disk space, your safest option is to add a new APFS volume. Install Monterey in the new APFS volume and as the last step of the Monterey installation (before applying OCLP post-install patches), migrate data/apps/settings from Big Sur to your new Monterey installation. Then apply OCLP post-install patches to Monterey and boot your new Monterey. You'll have both Big Sur and Monterey boot options, so you won't have to eliminate Big Sur until you're certain that Monterey works for you.
You indicated that you are using OCLP 0.4.11. That may still work fine for you, so you can try keeping your existing OC EFI. After installing/migrating Monterey, apply OCLP 0.4.11 post-install patches.
My preference is to use OCLP 0.6.8 (the current official release). Use whatever works for you.