Downgrading LingQ

If I were to downgrade LingQ back down to free, would all but 100 of my LingQs be obliterated?

No, all of your LingQs will still be there. You will, however, be unable to create any more LingQs if your total LingQs is over 100.

I have heard that you can’t downgrade to free if you have imported lessons (more than whatever the limit is).