Changing "Require Price Approval (Y/N)" flag from 'Y' to 'N' in Price Constants

Hello - We are using the standard JDE price approval workflow (JDEPRAPPR) and have many records which are currently at a status other than 'Active' (like, Pending, Rejected etc.). We now want to deactivate the price approval process by changing the JDEPRAPPR Workflow status to Inactive and switching the "Require Price Approval (Y/N)" flag in Price Constants from 'Y' to 'N'.

So, would like to understand if :
a) there are any standard/best practices to follow - and if so, what would be the step by step procedure

b) what will happen to the price records which currently are at a status other than 'Active' - is there a way we can delete those