I'm trying to think of a reason why you would want to do this...
If you really need to remove it... I think the best way to remove it will be to thread the end of a big screw with a tapered end into the bypass valve. Then put a pair of vice grips on the screw and pull it out. The valve is plastic and weak metal that is pressed into the block until it hits the raised step in the block. So trying to cock it to the side like a freeze plug probably will not work.
Of course you will have to get a new valve, but they are cheap at the dealer.
I'm replacing it with a 21psi valve (stock is 11psi). Someone wrote about it last week, saying that with remote filter and cooler, you need to run 21psi valve. I did some looking, and it seams to be correct.