... or just go with it and have it be open source? The old version is already open and free for anyone to request the code of. No rush at that point, you can withhold updates for a little while while you rearchitect this or take the situation as it is and have the next few bugfix releases also fall under GPL until you get around to replacing the core component (iff one insists that the future additions must absolutely be proprietary).
Quickly removing the code doesn't change the previously released versions' license.