Unless you really, really have to I would leave it in.
- If possible drive out the stem using a punch and someone backing up behind. If not ...
- Drill out the stem to break the lock (not easy as stem is steel and hard, try to get a good center pop, and not to slip off, use some thing smaller than rivet dia), punch out the remaining stem, then pry out what is left of the locking collar.
- Now drill out the rivet as normal
http://www.textronfasteningsystems.c...C1005-0805.pdf for cherry locks, and
http://www.textronfasteningsystems.c...42-5M-1003.pdf for cherrymax
A CR3212 is a cherrymax, but that book does not have anything on removal. A cherrylock is basically the same as a cherrymax, except it needs a special pulling tool. The little washer on top of a cherrymax allows them to be pulled with a regular pop rivet plier.
Pete