- will it cancel the transaction and reset the balances in both wallets to the pre-transaction value? If Remove is not the same as cancel, how do I cancel?
You cannot cancel a bitcoin transaction. Once it has been broadcast, it remains valid until the coins are spent in a different transaction, and could be mined at any time (although this won't happen for a long time given your very low transaction fee).
What you
can do is remove the transaction from the sending wallet, which will allow you to spend those coins in a new transaction. If the transaction is showing as local, simply right click on it and delete it, and then make a new transaction sending the same coins (plus any other coins you want to send) with a higher fee.
- what does it mean re-broadcast it after I remove it? Does it mean I enter it in the send tab as a new transaction?
You don't want to rebroadcast the same transaction. It won't achieve anything and it still won't be mined any time soon.