you are fine doing that. its quite common actually.
register globals actually has to do with automatically naming certain variables from a form like $POST['varname'] to $varname or $COOKIE['mycookie'] to $mycookie etc..
the threat to that is something like this...
if ($authorized) {
//sensitive area
}
this way a person knowing the code could do.
script.php?authorized=1
now since register globals is on, $_GET['authorized'] will automatically be converted to $authorized, hence that statement evaluates true and the secure content is shown.
with register globals off, $_GET['authorized'] and $authorized in the script are two completely different variables and the problem doesnt arise.