WOW. I'd never heard of them before now. I think this is the first store, music related or not, I've ever seen with a policy that pre-orders can't be cancelled. Most retail stores have no problem cancelling an order that hasn't yet shipped. To boot there's a 25% restocking fee for returns, and you only get store credit? That's a $50 loss and an obligation to spend $154.99 there should you return it.
These guys make GC, Zzounds, and
Sweetwater look like saints. If you call them, sometimes you can talk them into discounts on items as well.
The c4 was out of stock EVERYWHERE when I placed my order at zzounds, it took about a month before it finally shipped, and there was no charge until it was ready to ship. If it had shown up elsewhere they'd have let me cancel the order no questions asked. Good luck my dude.. sorry that this is about the only instance where the advice given to your situation was flat wrong.
I doubt you'll return the pedal because it's awesome, but yeesh.. that fine print. Seems almost criminal.