Removing an e-upgrade request is almost as simple as changing a seat assignment. Simply call your respective elite hotline.

No $5 because it does not involve reticketing. In fact, even when you are making a change that DOES involve reticketing (like upgrading with miles to an existing ticketed reservation), you will not be charged because the fee is NOT applied for ticket reissues.
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Related: So, basically, here's the mileage upgrade trade-off:
1) put on hold on AA.com, get 1,000 bonus miles, but when you call to upgrade and ticket, you have to pay $5 (plus $250 if applicable)
2) ticket on AA.com, call to upgrade and reissue the ticket, no fee but you might not get your 1,000 bonus miles because the reservation will have been reticketed by a phone agent