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If your group has another member you can still disolve it but everyone in it, including yourself will get a 1 year cooldown before you can join/create another group.
I honestly recommend not going back to the old family share, they already deactivated it working togehter with the new system and as soon as this new system leaves the BETA ( which wont be long) the old system will be completely abandoned anyway.
Better to get used to this new system now instead of being forced to use it in a few weeks anyway.
But its your decision of course.
The problem to this is the people I use it with are canadian and australian. So we got bombed with this feature without any warning and since I invited if I dissolve it now will we avoid the one year cooldown since they couldn't accept invite?
Because honestly we'd just like to use what we had before the new feature releases with hopefully no country lock involved in it.
If you are the sole member you can disolve the group without any problem and no cooldown.
At least thats how it SHOULD work.
As for the region lock, sadly this seems to be an integral part of the new system and the price for allowing multiple users to play games from the same library at the same time and even offline.
If this leaves BETA your old connections will be deactivated and you will be prompted to invite them to your family or join one.
But the condition is still that everyone in the family has to use the same store region.
I had to say goodbye to same shares with other countries too, it sucks but i dont think this is something Valve will compromise on.
What i'm asking is what happens to the person I invited? Do they still go on cooldown if I cancel the invite? I don't care and do like the new system, but like others have done id rather go back to old and enjoy the time I got on it rather than just get used to it now.