I think the machine is behaving normally now. Did a full descale and now my Mara settles between 0.75 and 1.25. I can hear that the boiler is ticking over every so often rather than coming on full pelt for a few seconds every 30 seconds or so which was the case when the manometer oscillated between 1.5 and 2 bar.
No idea if the descale process did the trick in isolation, or whether cycling the machine all those times helped reset something. As it stands I have a new thermo probe at the top of the machine and the probe that was at the top is now at the bottom.
Will continue to monitor and see how I go. Thank you @DavecUK @StevenG91 @Doram for your support!