Supervisor delays publication over style questions for years – can I remove him from the authors list?
Can I just acknowledge him for hosting me and remove his name from the author list? 


Probably not.  If he deserves to be an author based on his intellectual contributions to the paper, then it would be unethical to deny him authorship based on being difficult to work with.  He presumably thinks he deserves to be an author, or he wouldn't have spent years going over the drafts with you, and you apparently thought he deserved authorship at the beginning of the process.

Theoretically, you could declare that you have changed your mind and now think he never met the criteria for authorship.  That would be risky: he'll presumably be angry, and you'll need to have a very persuasive argument regarding authorship to avoid major damage to your career.  You should not try this unless you are certain that you are right and that the community will agree with you.  Would you make the same decision if your supervisor were cooperative and easy to work with?  If not, then you have no grounds for removing him as an author.


  I acquired the opinion of two professors (one of them is my 2nd supervisor and is a co-author) recently about the quality of paper and they recommended to send it to a good journal (impact factor of 10 and above). After many years of struggle my supervisor wished to publish it in a journal with an impact factor less than 1.


Why aren't all the coauthors discussing this matter together?  That sounds like how the issue of where to submit should be resolved.  You can start an e-mail discussion or schedule a phone call, everyone can make a case for where they'd like to submit the paper, and then you can debate the issue.  Hopefully you are all reasonable people and can come to some sort of agreement.

If this doesn't happen, then hopefully your other coauthor will decide that your supervisor is being unreasonable and will be willing to have a private discussion with him and try to get him to behave better.  On the other hand, if your other coauthor doesn't think your supervisor is being unreasonable, then you probably won't get anywhere with your complaints.