Lamont,
Sorry for the delay...I've been out of the country the last week.
My recollection is that the Waves Shell should match the plug version. For instance, v4 should be WavesShell_4...v5 plugs should be WavesShell_5. I don't have the latest...but I assume it is the same. There is also a variant to it related to the bundling. For instance, the Vocal Bundle requires the Vocal
WaveShellx.
All of these should coordinate, and can cause some problems if not. If you own version X...I believe you should be able to download the cooresponding package that will contain the Authorizers. From the cooresponding authorizer (Waves Authorizer 5 or Waves Vocal Authroizer, etc.) you should be able to install...this was regardless of your WUP status. WUP status used to relate to calling in for Tech Support or getting a discount when upgrading.
With all of that said...I do know they have changed their WUP policies in the last year. It would be very discouraging to me if they discontinue former product downloads based on that! Sorry I don't have more information. I'll look around.
I don't believe the 5.0.1 will break your iLok for v4 plugs... But to my knowledge, the version 5 waveshell only supports v5 plugs and will therefore not be of any use to you.
My recommendation would be to get the latest download package from the waves site (if possible) that corresponds to the package you own. This should not require additional iLok authorizing...but will update any plugs and the shell to their latest versions.
If you own v5 and v4... check your iLok to see if you have the v5 license either downloaded or installed, download the v5 Diamond package from waves. Archive all your current stuff...and then delete the relating v4 shells and plugs. Reinstall the v5 waveshell. You should be done.
If you don't see it in your iLok...I would contact waves support (thier support telephone number is listed on thier website). Tell them you have a licensing issues, I believe licensing issues are excluded from support aggreement. Once they help you get the license to your iLok...then follow the above steps.
Sorry for the rambling...hope that helps.