So if one were to make those changes the Consular city state would go back to being loyalty city states? Just want to make sure I'm understanding this correctly before I actually do it.

Yes that is correct.
However, the bonuses provided by these city-states are incorrect on the description page.

1 envoy gives your capitol +2 base loyalty pressure
3 envoys gives each one of your cities +2 loyalty
6 envoys gives each one of your cities +2 base loyalty pressure
10 envoys gives each one of your cities that has a governor another +2 base loyalty pressure

I'll take any loyalty I can get when facing Eleanor.

Hey anyone who made these changes: with the March 27, 2020 update this edit is no longer necessary at all: Those of you without Gathering Storm can get consular city states with loyalty bonuses instead of diplo favor bonuses.

Deleting/Editing my OP to reflect this fact.