Upgrading to ESXi 5.x requires to add a new license key anyway and if your host does not have more than 32GB physical memory and you don't have any features in use, which are not included in the free Hypervisor edition, you can enter the free license key.
If there are issues with active features (like Host-Agent, vMotion, ...) you could upgrade to ESXi 5.x selecting "Install, preserve VMFS". This will install a clean ESXi, but preserve the datastore and you will just need to re-register the VM to the Inventory (right-click the .vmx file in the datastore) after configuring the host options, like networking, NTP, ...
André