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So, if I have a bundle, and its installed on several customers NetSuite Instances ... what happens when I DELETE that bundle (and all the code/records, etc)

Hi Darren if you delete a Bundle definition(from your source account) it does not affect your installation base. if your Bundle is non-managed then customers will not be able to install the update as the bundle is deleted.
and that applies for Managed bundles as well.
Once the bundle definition is deleted no one can update. only thing customers can do is uninstall the bundle.

Hope this helps.
in case you are planning to deprecate the bundle you can/could consider your customers and unlock the objects of the bundle so they can modify it in future.