I probably would have used Confidor, although I don't like how toxic it is in comparison to 'pyrethrum, but I didn't have any on hand.
Anyway, I used pyrethrum in the end. While it was still bare-rooted, I picked over it then doused it heavily in pyrethrum, roots and all. Gave it an hour to sit, then washed it all off. During that time I checked it periodically. Only saw one living mealy bug which I promptly killed. Hopefully all the eggs were killed too. If they come back, I'll use a systemic pesticide next, probably Confidor.
At least I've learnt why there were so many ants around it. I knew there was something wrong, but thought perhaps they were attacking the root system, like I've seen happen to grafted Lophs. But no, they were milking the mealy bugs for their honey-like secretions. Next time I'll know.