If all you're really doing is removing the second character, regardless of what it is, you can do this:
s/.//2
but your command is building a mv
command and piping it to the shell for execution.
This is no more readable than your version:
find -type f | sed -n 'h;s/.//4;x;s/^/mv /;G;s/\n/ /g;p' | sh
The fourth character is removed because find
is prepending each filename with "./".