If I were to sit and leave it to do who knows what, will the transaction drop off the mempool... and return to this wallet or is it history? If the Tx does cancel or funds return to me how long does that take.
The transaction might get dropped off the network within 14 days if no node is going to rebroadcast it.
But it might also never drop if its going to be rebroadcasted all the time (at least until a conflicting TX has been confirmed).
You should definetly clear your wallets data/history (not wallet files!) to keep it from rebroadcasting your transaction.
The easiest way (in electrum) would probably be to just recreate the wallet with your seed.
Changing the server your client connects to might also help in a second replace-by-fee attempt.
As I say, do please dumb it down for me.
From what I've seen, there is no apparent way to clear the electrum history.
I removed the following
So clear:
Go to \Users\YourUserName\AppData\Roaming\Electrum\wallets (or %APPDATA%\Electrum\wallets) ?
Then created a new wallet with the WALLET GENERATION SEED? Used existing Seed since I had a balance on the client (client for what is worth and that isn't much)
I changed to another server.
The history is still the same but the server is new and the client reloaded all the previous transactions.
Is that what needed to be done?
If you would, please walk me through that. This could be quite meaningful to me.