It is a town council but the community refers to itself as a village (though it is in fact closer to a town in population size).
No, a majority of current councillors would probably not support such a proposal. Although when it became a town council, only in about 2009, it wasn't a universally popular decision amongst the councillors who (rightly it seems) thought people were pushing for the transition to town council simply so they could call themselves mayor.
Would it have the weight of public interest? Well, that depends on perspective. It's hardly a major change, just a minor technical one, so it's not like it takes up a huge amount of time. And it could lead to better governance as is hinted at in Graeme_r's original reply to my question.
Ultimately, this isn't something I'd be actively pushing for because I think you can change cultures without taking relatively drastic steps such as this. I was just wondering if it was something legally possible.