Hello RobG!
Yes it will be possible to remove the gearless locker,but for returning the diff to the original way from what I can understand,when you open your diff and separate your ring gear and the housing (page 17-19 in the shop manual under Differential disassembly) you can see that the lip in question seem to hold in place the "side cone spring",there should be a way to put it back in operation without having to buy a new diff.I whent fourwheeling in deep mud this afternoon and it remembered me why I like the gearless locker.Can't get enough mud.