This comes from the SQL Server SP4 readme:
"1.2 Removing SP4
SP4 cannot be removed easily because of system table changes that the service pack requires for maintenance. To revert to a build before SP4 was installed, you must remove and reinstall SQL Server 7.0 or MSDE 1.0 and, if required, apply the service pack (SP1, SP2, or SP3) that you were running before you installed SP4. Before you reinstall SQL Server 7.0 or MSDE 1.0, detach your databases on SP4 and reattach them after you reinstall SQL Server 7.0 or MSDE 1.0 and either SP1, SP2, or SP3. For information about using sp_attach_db and sp_detach_db, see SQL Server Books Online for SQL Server 7.0. As with any new installation, you must re-create the necessary logins. You must alsore-create scheduled tasks dependent on information in the msdb database, in addition to any changes you have made in the model database. If you use replication, you must completely reconfigure replication."
Here is the URL to this readme:
http://support.microsoft.com/default.aspx?scid=http://support.microsoft.com/support/servicepacks/SQL/7.0/sp4ReadMe.asp
(please remove any spaces)
hope this helps