As the MySQL manual suggests when using the SET Datatype:
To remove set elements from an existing set, we use the REPLACE function to remove the element. If using decimal values, we use a combination of the bitwise AND operator & with the bitwise NOT operator ~.
UPDATE set_test SET myset = REPLACE(myset,'Dancing','')
WHERE rowid = 6;
EDIT: Well that's a bit misleading... just tried the code above myself, and MySQL gave me an error. Since there doesn't seem to be an easy way to remove an item from a set without using regexp, you might do as suggested and rethink the structure.