Hi Iwhitten,
 

Since the item is not an installed item, it is safe to delete the sub component from the Inventory Item module itself.

Additional information, when you have an serialized inventory item and it is used as a component, the item is flagged with another status of Part of another item.  (You can see this in Item Locator or Removed Items modules).

Removing the component as Pranavan instructs while the parent item is in inventory will also return the component item to stock as well.

Thank you Pranavan and Phil for getting back to me.