Updating AppleID- iCloud ID won't change

So a while back I updated my AppleID. My old ID no longer exists, and I can no longer access that e-mail. I managed to login under my new AppleID on my iPod but it still pops up with the iCloud login about 10 times before I can even use the stupid thing.

So when I go to 'sign out' of my AppleID for the Cloud, I get a popup stating "Deleting this account will remove its data from your iPod Touch"... If I had just changed the ID for that account to my current ID, but the account itself didn't change, is it going to wipe everything from my iPod?