Rather than restarting 'network', you could additionally remove '/etc/sysconfig/networking/devices/ifcfg-eth0:2'. At least on my test host (CentOS 5.4), after removing that file, the interface was no longer displayed from 'system-config-network'. If you also need / want to remove the configured interface, try:
Code:
/sbin/ip address delete 10.0.23.172/23 dev eth0:2
where 10.0.23.172/23 is the IP_address and CIDR representation of the netmask in use ('/sbin/ip address show' can show IPAddr/CIDR). An example of dealing with logical interfaces can be seen
here.