I finally sucked it up and ripped out the original, over-sized EZ hybrid sweater whilst watching the women's curling (GB vs. Russia) this evening. I'm down to the last ball of new yarn for the reknit and I knew there was a chance I'd have to reskein, soak, and hang the ripped out yarn and I didn't want to run out of yarn before it was dry.
Thanks to the ball winder and the fact that it was a seamless sweater the whole process was fairly painless. Physically painless, that is. I'm sure I'll bear the emotional scars for years to come. No, I'm kidding. There was an initial wrench as I picked out the darned-in end of the neck band but really I'm so far along on the new sweater that I don't mind too much.
I was right about having to reskein and soak this stuff though. Check out the sproinginess. It would be like trying to knit with phone cable.
I'll post an update on my Knitting Olympics project tomorrow.