Just an update, I used a total of 1.9GB since yesterday by downloading legal torrents of Linux distros. This will continue every night until I can use Wireless Tether again.
VZW won't void your contract, won't terminate your service. What will happen is you will end up in the Top 5% of data usage and they will throttle your bandwidth. That's it, nothing more.
And it won't change whether you can wirelessly tether. It won't cause them to open the service up for free for you.