MagMile,
Yup, that's exactly what you can do. They will charge you $20 for the SIM, if I recall correctly.
If you go to a store, chances are they will give you a phone for free (or nearly so). You may as well take it. It never hurts to have a backup, even if it one of those dreadful Motorolas. This phone will be locked to VoiceStream but it should be fine as a backup.
On the other hand, you can buy a locked T68 from them for $249 after rebate, which is much cheaper than you can buy an unlocked one. After you've been a customer for six months (and sometimes before, YMMV), they will unlock it for you.
I'd think that is your best bet.
-alan in seattle