If you place your new work correctly you will beable to incorporate the tattoo within the waves in the trad black and blue. I wouldn’t attempt a full cover up with it, being as it is quite basic with obviously very little detail which will make a cover much toucher to work. Laser will be the way forward if you want complete renewal but from my point of view you will be best to keep it and work with it rather than over the top of it. You should beable to figure out something quite clever, I can already see the incorporation of the water in blues n blacks, a bit of time and you’ll be right.

I have seen artists take solid work like that and lighten it with pure white. After about 3 sessions of that it was dark enough to cover up. I would just ask a good artist what they think.