Is the right to elect to defer reciept of a distribution until the 70 1/2 rule kicks in a protected benefit or could I eliminate it?

I'd say that it is a protected benefit (an optional form of benefit) under 1.411(d)(3)(g)(6)(ii) and as such, you can't eliminate it other than prospectively for benefits accrued in the future. Without looking up the details, I do seem to recall that there was some modification of this specifically for a SBJPA change, but I think that applied only for the SBJPA change, and wouldn't apply in your situation. You shouldn't trust my memory, however...

I was just pulling those regs as you responded since my recollection matched yours. Thanks for the comment.