Is it possible to uninstall Ultimate?

If you go to Waves Central> Install Products > All Products tab > then choose from the view option V14 plugins. You should now be able to install only single plugins, just those included with essential i.e.

You can also install everything and delete plugins you do not want.
To do this go to your Waves Folder > Plugins V14 > delete any .bundle file to remove the plugin from your DAW plugin list.

If you ever need any assistance with the above or further information you can Contact Technical Support they will gladly help and guide you if needed.