No, you can't run the legs down so far the legs will fall out. They are secured inside to prevent that.
In order to remove the screw and leg, you would have to remove the pin in the screw shaft up by the motor, and drop leg and screw together. It's the pin that you remove to change the motor from high torque to high speed. That is the part that is 33" long.
Also, if you do go ahead and do it, don't forget that there is a bearing and washer near the top of the screw to facilitate the screw turning while under a load. They may stay stuck to the top of the leg, or they may come out with the screw leg. Just a heads up.