no - IIRC it is possible to have more than one livery for any given airline based on what I've seen in SB3 and on the airline list for VIP3...
Our original livery would remain and the new livery would be selectable as a second choice under the 'Canadian Airlines' list (therefore, you would see two choices instead of just one)
However, the new livery would only be visible to anyone who has downloaded the update. Anyone without the update would see the old one as SB3 automatically reverts to the next best match if the stated livery doesn't exist. In this case, that would be the default livery for Canadian which is the set that is built into SB3.
The only way to 'delete' our old livery would be to ask every SB3 user world wide to remove that model from their VIP library. Daunting task to say the least...
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But, all things in their own time eh?
I am just the messenger, Keith. I'm sure you lads will sort things out when the time is right.