does anyone know if my concern is unwarranted and all i need to do is unregister, and then re-register it?  trying to avoid opening a whole new can of worms in the event that my concerns are correct.

No actually your concers are warranted.  Simply unregistering and re-registering isn't going to help.  Do you know by chance what the iLok account was that you incorrectly entered?  We'd want to revoke that license and issue you a new one.  In any case it would be best if you sent an email to support@eventide.com, and let us know what iLok account you sent the license to (if you remember it) as well where you purchased the plugin license from.  If you could forward us the purchase receipt, that might be helpful.