I don't think you can make a formal renunciation of your rights. If you marry a Caholic or become one then you aren't in line. If you don't want to be King/Queen if it ever comes to that then you need an Act of Parliament to remove you. (ie Edward VIII).
If there was a formal renunciation of your rights, there should be some evidence of this when Baron Downpatrick or Lord Nicholas converted.
Also in the Duke and Duchess of Kent case it seems that it only matters at the time of the marriage since he is still in line. Although it would be interesting to see what would happen if he became King and had a Catholic consort.
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