No, you don't need the reg key at all.
It's only there to demonstrate how it works, the reg key was made with the tool, then I recompiled it with the function it wrote for me.
While not registered, it shows the About box. When you register, it disappears. There is absolutely nothing disabled.
BTW, the next update is on it's way soon. It will have the optional ability to write a function that can read the reg key from a file block (requires the enhancement pack obviously). The encryption will also be more complex. Still simple, but more complex than it is now.
BatVink