So what is the general consensus - to delete or not to delete, that is the question?!
Ive deleted mine just in case, and to be honest level 7 and a handful of legendaries that likely wont be worth anything in a couple of levels time, is better than the "threatened actions" if they even happen.
Also if the cheat works after, it will be much easier to catch up.
I tried to cheat smart, i only used the increase rare droprate, and didnt leave it on for all mobs, id get a drop, turn it off for the next 2 missions, then back on and repeat. Hoping that would look more natural, if extremely lucky, and stopped altogether after getting 10 legendaries - then i bottled it and deleted the chars!!
If you're gonna cheat on release then deleting is redundant, they will use the same actions to anyone found cheating in the full game.