David, semantics aside, the data is transmitted as tone bursts. See the following paper and cited patents:
https://www.telosalliance.com/images/25-Seven/Voltair/25-Seven_Tech_Paper_Arbitron_PPM.pdf
To remove the PPM signal, all you need to remove are the added tone bursts. You leave the rest of the audio intact, whether it's involved in masking or not. The simplest method of tone removal may be to cancel the burst by adding an antiphase waveform. This is like using a notch filter, but simpler to implement since detection yields the required tone amplitude and phase. Detection and removal are simple in principle, but there are many details, such as robust synchronization, generation of reliable detection thresholds, and provision for detection errors, that may be tricky to implement. I'm not sure I want to invest the time necessary to do it right. I also wonder how many people could or would use such a utility. For example, I have a PC next to only one radio I use.
You might find the follow paper and audio samples of interest:
https://www.indexcom.com/whitepaper/ppm/
I checked KKJZ and KCRW this morning. The PPM artifacts are much lower than I recall hearing a few weeks ago. In particular, ambient noise and breath noise no longer generate a continuous stream of artifacts. I wonder if they have dialed back the Voltair enhance level or otherwise altered the PPM injection level. Here's a sample from KKJZ:
https://www.dropbox.com/s/0naixw0vkfyfs1s/kkjz1.wav?dl=1
Brian