Just to update: tried again earlier today, this time after just after lunch, so on a fuller stomach than last time, and also with less water. The latter first - with less water the sweetness and mint flavour were more pronounced, and make a better job of masking the pea flavour. Although the pea flavour is still dominant and the overall flavour is still several light years away from an actual candy cane. The texture changes somewhat too - initially it didn't seem too bad but after just a minute or two it seemed to 'swell' and really thicken up (I actually had to add a drop of water to the shaker to make the last bit drinkable). There is also a noticeable sandy feel that wasn't there (or as pronounced) when used with more water.
Of more concern is that either due to the thicker texture or being taken on a fuller stomach (likely a little of both) it did not sit well in the stomach with rapid onset chronic wind and some bloating. There was also a very short-lived bout of indigestion and reflux. I've had similar with whey, but whey hit harder and lasted longer.
Overall, i'd have to adjust my position and say that No Whey is less bad than whey protein 