The evaluation timer will reset on reload if you need it to be applied. I'm not 100% on WLCs but all other wireless products like ISE/CPI will give you a warning when licenses are out of compliance but won't disable features until a grace period is over. I cannot say for certain but as adding/removing licenses doesn't disconnect APs I would not expect anything to happen when you de-register.
Depending what version of software you are running (I think it is 8.2 or higher) then you can also apply a RTU license for 150 APs and accept the EULA just in case this might affect your APs.. as the TAC case says RTU is recommended for permanent stability and I generally use those too for products that are trust based rather than hard coded like ISE/CPI.
Ric
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