It turns out that reducing iron levels by phlebotomy has another advantage: reducing cancer risk. High iron promotes cancer. In the study described in the attached paper, subjects donated blood only once every 6 months (according to study protocol; subjects missed about 30% of these phlebotomy appointments). Cancer was reduced by about 40% and all cause mortality was reduced by about 50%!

This was a good quality study, with highly significant results.

So, phlebotomy has beneficial side effects. There is little reason to be concerned about it.