Second hand 70-200 f4 L tend to fetch between £350 - £450, I know this as I've done lots of research and got one for £350 in the end, image quality is superb but I do miss the reach I had on my Sigma 70-300 although I don't miss the softness at full stretch
What do you want to get rid for? You'll lose 100mm reach and IS.
I doubt you will see anything noticeable in terms of IQ, except when you try to hand hold it at a low shutter speed but you will gain a nice big white L jobbie.
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