Hi mp1addict. The midi moose looks like a reasonable substitute for the MC1. It even has phantom power, which is supported by the MP1
If you are just changing programs on your mp1, then the midi moose is probably the way to go. I use a Behringer FCB-1010 so that I can control both my MP1 and my G Major 2. The 1010 gives me much greater flexibility as I can send up to 5 different Program change messages (on different channels) and several CC messages with the press of a single button. It also has a couple of expression pedals built in which allows me to control all sorts of things on the G Major. It is fully programmable so you can set it up any way you like. The down side is that programming it will do your head in. It also doesn't have phantom power, so I have to run a power lead out to it as well as the midi lead. So, if you're only wanting to change programs, the midi moose looks the nice and simple option.
You may want to get MarshalJMP's opinion on the reliability of old MC1s.