Home Screen>Clock>Alarm then turn off
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Downgrading your iPod Touch should not delete anything.
You cannot delete the legal information in the settings on your iPod Touch.
restore your ipod touch on itunes
iPod alarm clocks works by docking an iPod or iPhone into the device. Then the user sets a time for them to wake up. The clock then plays a preselected song or sound at that time. This device allows the user to have the big sound of the alarm clock with any of the songs on their iPod.
It will delete music from iPod Touch, but the regular iPod i don't know about.
I have an iPod touch and when I delete applications the memory that it uses comes back. I used my iPod touch to type this.
Generally, ringtones are for iPhones, but on the iPod Touch, they are used for Alarms. This is only for the default App, 'Clock' which is already installed on your iPod when you buy it.
You can get a app called Alarm Clock Pro. You can pick any song you have to a alarm. They make one where you can pay, or where it's free. Either one still works.
delete it from your library in itunes
veiw it and press delete