Hey guys, so last night I decided to remove the under collar from my figure, and thanks to some excellent advice from Short Round, I was able to do it without having to cut or damage the suit AT ALL. You don't even have to cut the top collar. I don't think this has been touched on, if so my apologies.
First, after you've removed the sculpt and flipped over the cape to the front, you want to separate the suit from the under collar all around using something flat and dull that wont damage the suit (I used one side of a pair of tweasers).
Once the suit is separated from the lower collar all around, pull the suit down a tad at the back of the neck (it has plenty of elasticity) to expose the under collar and carefully snip the collar in the middle (see photo for snip location). This gives the collar a lot more 'play', and as long as the suit is detached from it, you can bend and maneuver one side at a time out from under the suit without damaging it.
You may find while working the collar out from under the suit that there are some attachment points you missed, just simply halt your progress, detach the point, and continue.