Let's see.... When was the last time I actually experienced the inside of a Regency Club?

Boston downtown -- no lounge. The Swissotel lounge was closed upon conversion. Cambridge Regency Club has been "closed for months." A porter told me it might reopen in the Summer. Park Hyatt Stanhope -- no lounge (but a great bar downstairs). Hyatt Regency Chicago -- I was in the East tower, no RC. Not sure whether the West tower lounge is still open.

Atlanta Peachtree -- this was open intermittently based upon hotel occupancy. It was Spring 2003 that I was last here, and I believe that was the last RC I visited.

In terms of the OP question: yes you should be accurate with the honor bar. Frequently, the lounge agent will comp a few drinks if it is a staffed lounge.