In my case I did not lose any my recording schedule when I removed hulu and readded it as a source. There was a lag of over 12 hours between removing and adding back in because I removed it late at night and didnt get it added back until the afternoon of the next day.
In my particular case it was: remove hulu as a source, update to beta build, delete the devices in hulu, change the password on hulu, log into hulu in the web browser I run channels from (chrome on Fedora linux), add hulu as a channels source. After each one of the steps I was trying to add hulu back in as a source and I kept getting the "please enter the code we emailed to you" screen.
After I changed my hulu password I believe I logged in with the browser to hulu.com in order to answer the challenge page before I added Hulu as a channels source because I was pretty frustrated. So perhaps it was not a required step.