I can't see why a simple parameter change t->it, would be or not be an outdated concept. It doesn't make things significantly prettier, but it doesn't hurt anything either.
The idea of imaginary time was introduced in this context in an effort to shoehorn Euclidean geometry into special relativity. The minus sign in the spacetime interval
$$\mathrm ds^2 = \color{red}{-} \mathrm dt^2 + \mathrm dx^2 + \mathrm dy^2 + \mathrm dz^2$$
was unsettling (the Euclidean norm is positive-definite), and so it was resolved by simply using $it$ as the time coordinate, in which case
$$\mathrm ds^2 = \mathrm d(it)^2 + \mathrm dx^2 + \mathrm dy^2 + \mathrm dz^2$$
While this does clear up that minus sign, it also begs the question of why the time coordinate should be imaginary, so this is a zero-sum game.
In the modern understanding of special relativity, we realize that spacetime is not Euclidean, but rather Minkowski. The fact that the Minkowski (pseudo)norm is not positive definite is physically significant, and is tied to the fact that light-like trajectories must remain light-like under arbitrary coordinate transformations (which is in turn tied to the fact that $c$ has a fundamental significance to the geometry of spacetime). In that way, the minus sign which we were trying to hide by introducing imaginary time is in fact essential and physical.
Additionally, this geometrical understanding of special relativity can be straightforwardly generalized to a curved Lorenzian manifold for General Relativity, in a way which is impossible for the Euclidean geometry + $it$ prescription.