I am planning to do this myself to a bumGenius in a few days. Here are the directions I will use. You actually cut a small hole through the liner and add new elastic in rather than pull out all the stitches and remove the old elastic. It's supposed to be easy and fast.
http://www.diaperswappers.com/forum/...d.php?t=212544
Also, I hope you aren't turned off from cloth diapering because of starting with diapers that need repairs. That would be a hard way to begin for me, but once your dipes are working, I think you'll be really happy with them.
Advice and commentary on living overseas
DD1 15, DD2 12, and DS 9