I'm pretty sure you can. We bought 20 licenses recently for RHEL5 and we decided to wait until RHEL5u1 to switch. I've activated 5 or 6 RHEL4u5 machines since then, on the new account.
We might have a special deal or something tho, like unSpawn said, ask them directly, I'm sure you'll be able to work something out with them.
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