Here's what I did. We entered the park using our APs, then we went to Guest Services, presented them with our APs, adults' driver's licenses and DVC membership card. The nice lady there consulted with her Supervisor (it was January, so the first one she had done), then returned the DVC card and licenses, and gave me 4 new PAPs and almost $20. Now that was 15 minuted well spent, IMO.
Good luck with your exchange. It's not that often that you get money back from Disney, so enjoy it!
I've heard of many DVCer's doing this. You can do it at any Guest Relations, including the International Gateway at Epcot, and Downtown Disney. Good luck. We'll be doing it in May.