You can reformat it either way, but formatting wipes the card, so if there's anything on it that you need, back it up first. And if you moved any apps to the card, move them back to the phone before reformatting the card - or you'll have to do a factory reset. (Going from internal back to portable will almost always require a factory reset, because some apps may have some parts written to the card - which you'd be wiping when you switched. [And if a part of an app is missing there's no way to recover from the situation.])