Yeah, I'd be very cautious about canceling and signing up again. There are any number of ways they can catch you in this and if they do, you'll find yourself with a refund and no hosting.
BTW, I don't think you can transfer a domain that's been hosted under one account to another if one of those two accounts had used a promo code.
Finally, I wanted to make you feel better: If you originally signed up using a $97 promo code rather than an extra domains promo code, chances are you don't need that benefit, right? And as for the 500GB of disk and 5TB of transfer, I really don't know many people who even get close to using their 200GB and 2TB. Plus at 1GB of extra disk a week and 16GB of transfer, that's 50GB of disk and 800GB of extra transfer every year. Anyway, I guess the question you should ask yourself is: Are you really going to use those extra features or are they just "nice to have"?
Free unique IP and $67 off with promo code [color=#CC0000]FLENSFREEIP67[/color] or use [color=#CC0000]FLENS97[/color] for $97 off. Click here for more options