I've been an advocate for a different type of banner cleansing: I believe the banners for Farmer, and yes, Pelphrey, Feldhaus and Woods, need to come down. Yeah, it was a great season and Kentucky got back in the national limelight a year earlier than would have happened with the 1993 Final Four team. But there have been lots of magical seasons in UK history. No other Elite Eight team even has a team banner in the rafters, much less four players. Farmer's disgrace only makes the case stronger. The best way to remember that team would be one banner that said Unforgettables. If anything. The rules need to be consistent with every Kentucky team.
As for Pitino, I don't think a banner should have gone up in the first place. The only other coach with a banner is Rupp. Hell, he invented the program. Again, under consistent rules Pitino would never have had a banner in Rupp's rafters. As far as I'm concerned, take down Pitino's at the same time as the other four.