High velocities can cause erosion of the cyclone refractory (long term reliability issue) and catalyst breakage (thus increased losses). High velocity will also increase pressure drop in the cyclone, which can lead to dipleg backup (more likely a problem in the regenerator) and high outlet velocity (which can increase erosion at the top of the dipleg). Doesn’t sound like your velocity is all that high though. Recent designs have included 1″ thick hardface refractory to increase allowable wear between turnarounds.
What’s your turnaround interval? If it’s 3 years or less, I wouldn’t worry much.