Speaking ASA, that would be wrong on every count. The rule relates to removing the helmet during live ball play (this isn't), notes that the ball remains alive and that force plays still remain in affect (thus making the removal a timing play). It further notes this is a safety concern only, and should be so ruled.
Then, a casebook play 3.5-8 is even more to the point. In that play, the runner hits an out of park homerun, and removes the helmet rounding 3B. In the ruling, its states
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Although the rule reads that runners are to be called out if they remove the helmet intentionally, the intent of this rule is to prevent the runner from getting hit with a thrown ball. When a ball has been hit over the fence for a home run, no play will be made on any runner until the plate umpire throws another ball into the game. Runners should not be called out for removing a helmet on a home run ball that is hit out of the park.
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Play 3.5-9 also rules you should not call out a runner who removes their helmet while standing on a base, nor a runner who removes the helmet prior to touching home when forced on a bases loaded walk. No safety issue, with no danger of a runner being injured by a thrown ball.
Finally, even if the BR is called out for the third out, as long as 1B was reached safely, there is no reason to nullify any runs scored prior to the third out being made.