I don't know what search function you are talking about. For recruits, for forums, for something else?
To go through your questions:
1) " Should I expect it to drop more?"
It's possible. You cna take it off and try again. It may drop 15 points, it may drop to a WE of 1 or it may stay right at 33. A drop of 5, not a big deal as far as redshirting goes.
2) "Will he gain these points back next season?"
Possibly. Depends on minutes and starts. Get him a bunch of starts, 15-20 minutes, yeah he'd probably gain them back.
3) "Should I take the redshirt off?"
I'd leave it on. IMHO, not much of a difference between a 33 and a 27. I usually try to recruit over 40 in the first place. Since he isn't that good in your words, I'd leave the redshirt on, take his gains this year and try to get him 10-15 minutes as a FR/SO and starts against teams where you are heavily favoured.