I did this several years ago, so there may be changes from then until now, but back then I redshirted a 45 WE player who dropped to 37 WE and then I removed it because an injury made me think I'd need him and he went back to 45 WE. I rethought that and decided I didn't need him, reapplied the redshirt, and he dropped to a 7 WE so I removed the redshirt entirely to keep him able to improve (and back then there was no potential so you could improve players however you wanted, so it was important to hold onto WE).
Again, they may have changed that, but that's my expereince with it. Haven't had that issue recently.