This was my advice, it doesnt have to be all tears

http://www.minti.com/parenting-advice/3589/Santa-took-my-daughters-dummy/

We lost our daughter's dummy one day while on a car trip.  She was very upset and we looked everywhere for it but just couldn't find it.  She eventually went to sleep without it and then when she wanted it the next time we said ' Remember it's lost - shall we look for it again?' Still no joy finding the dummy and within a day or so she had accepted that it was gone.  I wouldn't suggest you take it away from him if he can see it, but maybe you could 'lose' it and then ride out the storm.  I know he gets upset, but it won't be the last time he wants something desperately that he just can't have.  At 4 he needs to be moving on and coping without it .  It will probably mean a rough few days, but if you do it over a weekend it might be less intrusive into your sleep time if it takes him a while to settle. Remember that his screaming is frustration - he is not in pain and he is just venting his anger.  Even 4 year olds have to be told no sometimes when they want to hear yes.

I would have to say just take it. Let him kick, scream, cry whatever just don't give in. The more you take it and give in and give it back the more determined he will be to get it back. I know it seems at bit harsh at the time but he will get over it. If not he will fall asleep. lol. We didn't have this problem with our first. She kept putting holes in them and we got sick of always buying them. We simply took it away and said no more dummy. And she handled it fine. I have heard that the longer you let kids have their dummies the harder it is to get rid of it. We took Iesha's dummy when she was 1 1/2 and she was fine because she hadn't developed that strong a bond with it. But we did only let her have it for bedonce she reached 1. This probably made it easier. Good luck and stay strong.

I would say cold turkey
It wasn't as bad as I thought when I did it with Miss Cheeky Chops.
I would not cave in at any point as then he would know he has won.
I have added some links to my blog where I documented what I did, how I did it and what happened.
Instead of using fairies you could use a super hero or more masculine figure - something your son loves or admires? Sport star?
Good luck

michellei.minti.com/blog/23893/Am-I-a-bad-Mum-Update/
michellei.minti.com/blog/24347/Fairy-Gift/

I am not at that stage yet but have heard of using the dummy fairy. She comes at night and takes away the dummy and leaves a present of childs choice. Child might leave a letter for the fairy telling her what he wants.

Take it off him, listen to him scream for a few days and he'll get over it.   Is he in Prep this year?

Sorry to be harsh, but take it tell him its going in the bin, and dont cave in. Hopefully the screems will stop soon, it may take a week, everytime you give it back to him when he cries, he knows thats all he has to do to get it back. Good luck, be strong