Hi Tania,
It will actually remove the IV transactions from IV30200 (header) and IV30300 (detail). IV00102 does not keep track of transactions.
Unfortunately, in the Remove Inventory Transaction History window, you can only make a selection of Item Number, Document Date, Document Type, Document Number and Site - there is no way to select a rang of Item Types.
You are correct, you can still see the item transaction via Smartlists for Sales Order Processing - provided all your transactions for these items are processed in the module.