What would happen if we could revert $\mathrm{CO}_2$ production but took it too far?
The average global warming due to greenhouse gases corresponds to a 33 Kelvin temperature increase.  If you remove all greenhouse gases the average global temperature would then decrease 33 Kelvin (from 288K to 255K).  

You might want to check out:
http://www.nasa.gov/topics/earth/features/co2-temperature.html
 which estimates the CO2 portion of global warming to be about 80%.


  "... it is the 25 percent non-condensing greenhouse gas component, which includes carbon dioxide, that is the key factor in sustaining Earth’s greenhouse effect. By this accounting, carbon dioxide is responsible for 80 percent of the radiative forcing that sustains the Earth’s greenhouse effect."


Simple math might suggest then that the average global temperature of Earth would be ~262K if CO2 were completely removed.  There are always sources of CO2 though, so you could never remove it all as it is constantly being replenished when animals breathe and things burn.