Well, the
safest procedure is, indeed, to loosen all the strings until they are nearly slack, then right the bridge and its saddle, and re-tension the strings back into proper pitch. You can easily mark the bridge position with a bit of masking tape before doing so, if you like. But you can also use this same opportunity to
double-check for the proper bridge position (with respect to length, that is: look for a match between the 1/2-length harmonic and the fretted note at the 12th fret), and also for the
action height. These things also can benefit from periodic re-adjustment.
If you do not want to, or do not need to, move the bridge position or adjust the action, then you can loosen the strings much less, so that they still retain a certain amount of tension, and right the bridge and saddle under reduced tension. Loosen them at least several whole tones' worth, or even more. This procedure is still pretty darned safe, however, although a bit less so.
If you are confident, experienced, or if you just like to live a bit more dangerously, it is entirely possible to "burp" the bridge back into a proper vertical orientation without removing any of the string tension at all. This is the least safe alternative, however, and I'd tend to advise against it if you lack prior experience and have never seen it done. It takes a bit of force applied to the right places on the bridge (and you must not overdo it!), and the resulting movements tend to be jerkier. Screw up, and you might chip the slots in the bridge, smash (collapse) the bridge down onto the top (possibly denting it),or break a string. But hey, a lot of folks do it all the time!!
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