Lower bounds for noncommutative arithmetic circuits with exact division?
To my knowledge, such a reduction is in fact known: Hrubes and Wigderson ITCS 2014 show how division gates can be eliminated from non-commutative circuits and formulas which compute polynomials.

They also provide exponential-size lower bounds for non-commutative formulas with division (not circuits) that compute any entry of the matrix inverse function $X^{-1}$.

Moreover, your main question about lower bounds for non-commutative circuits, is not known (while for formulas it is known as mentioned above), because non-commutative circuits in which each gate computes a polynomial (not a rational function) with division constitutes a class which is at least as strong as non-commutative circuits. But there is no known super-polynomial non-commutative circuit lower bound (see [Hrubes, Yehudayoff and Wigderson STOC 2010] on this).