I recently changed the address on my license after moving 5 years ago. I think you can be fined £1000 for having incorrect information, but unless you're caught, how are they going to know?
When I got a speeding fine last year I was asked by the police to send in my license. I rang them up and told them it had the wrong address on as I had "recently" moved. They said it wasn't a problem and asked me to put a note in with the license telling them which address to send it back to.
A week or so later I received a letter from the police telling me they had forwarded my license onto the DVLA as they noticed my address was incorrect. I then receieved a letter from the DVLA thanking me for sending them my license and asking if I could send them a photograph so they could issue me with a new photocard license and update my address.
I did, and now have a new photo license with the correct address on. Wasn't a problem at all.
So to sum up, I wouldn't bother worrying about your license (but don't blame me if you get fined). However don't know about the registration docs - this may affect your insurance so probably worth checking.
Mike