I would actually be very concerned about that and keeping the old number. Cingular agents are the some of the stupidest people on the planet, we have been hassling with them since March or April over some issues.
If that other phone still works, and if somebody finds it and rings up hundreds, or thousands of dollars worth of calls, Cingular will bill you for it. I say get that SIM deactivated and port the number to a new sim.
You will be thorugh many hassles with them once they screw up.