Step by Step: (after you're on the "Blogs I'm Following" screen)
- Click "Settings" next to the blog you want to unfollow.
- When the window pops up, follow the blog.
- Repeat step 1, this time click "Stop following this blog"
- Now the blog should be unfollowed and off of you reading list. If they is more than one blog you want to unfollow, repeat step 3 with those.
Woo, now I have to remember this haha.