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Hmm... I'd like to know the answer to this. But, technically since the books is encrypted for the Kindle not the account holder (as is done with Sony and Adobe) the ebooks should still work.
So, the question is will Amazon delete those books when you register to the new account and they aren't in that accounts media library. I guess they could. But, you would have to turn on the wireless for this to happen.
So, you can register the Kindle on Amazon using the serial number. Just don't turn on the wireless. This way you can still shop/buy/download books and put them on your kindle.
Let us know what happens.
BOb
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