Un-Install OS Patch (KBs) in Physical PRODUCTION Servers - Consequences
As the MSDN page you link to states that a fix has already been released, I would install that rather than removing the previous update as the fix is likely to be intended to go over the top (though is likely to be made such that it can replace the older update too) and it will only be one operation rather than two potentially requiring two reboots.

In either case the main consequence of adding or removing patches is the potential need to reboot (or if not a full reboot, restart affected services) which may involve downtime depending on your arrangement (a cluster might be able to avoid downtime). The extra consequence of removing patches (without installing a replacement) is that the changes within them are gone, which if it is a roll-up patch could mean unrelated security updates that you need to mitigate by other means until the patch can be re-applied.

The best approach to take is to test in a production-like environment before making changes to production proper.