All I know is that it's a quest taken from the same area you get the melding ability to begin with, and that removal destroys the materia.
I have 5-melded rings I want to redo, but no DoH myself (used request meld) and so, no knowledge:
Will choosing to remove the materia wipe all sockets simultaneously, or do I get a choice of which hole to remove it from?
If it's the latter, do the materia retain their current sockets,
[Crit III] -> [empty]
[Crit III] -> [Crit III]
[Vit III] --> [Vit III]
[Vit III] --> [Vit III]
[Vit I] ---> [empty]
or would they collapse upwards, leaving whatever replacement at the lowest %chance slot?
[Crit III] -> [Crit III]
[Crit III] -> [Vit III]
[Vit III] --> [Vit III]
[Vit III] --> [empty]
[Vit I] ---> [empty]