Thank you for all the input. It was unclear when reading the deiron that it bumps you down to the next level. It says in the game "I don't want to be an ironman anymore" which makes it sound like you are trying to get rid of all ironman status completely. I would suggest making this more clear.
The part where it says "I don't want to be an Ironman any more" is just the general option that was picked as the option to de-iron; yeah I agree with you that it kinda looks as if it's going to remove it all completely if you came by Alora as a fresh player & not knowing much about that NPC. But we can in fact say that it won't remove your rank completely. Whatever Ironman rank you are, that's what you WILL lose & so forth for dying by an NPC (Minigames not included). So if you're UIM you'll loose your rank to normal iron, HC the same.
All I can say is, if you're an Iron & you're not wanting to de-iron, then don't use Paul.
If you do, then by all means go for it :)