Dave,
Your situation begs the question why do you want to remove the parameters? If it is just assembly performance issues there are many fine tools for working with lightweight data that could satisfy your needs given they we're not aware or your current motivation.
Some of the above sound like they'd dump all the geometry into a single part file in which case, File>Export>Part, tick on select "All Objects" and "Remove parameters". If your assembly is small enough that the system can cope with doing this you'll have what seems to me the identical result, but with less work.
Alternatively if the assembly is much larger then you really need to preserve something like its structure for sheer performance related reasons, or you may just want to. So I'd probably take the Parasolid route in that case. Failing that you're welcome to try STEP if you're data is simple and unlikely to be degraded as part of the translation process.
The method of wave linking and then breaking the links would in my view be workable though extremely tedious. On some levels if you have to manually remove parameters for whatever reason then you might as well clone the assembly then go about the process of removing the parameters of all the solids in each of the component parts files equally manually!
Best Regards
Hudson
www.jamb.com.au
Nil Desperandum illegitimi non carborundum