So I stopped by my local Verizon Wireless store today and was able to get all my questions answered about possibly going from the Verizon 32GB iPhone 4 to the iPhone 5 and how that will affect the unlimited data plan I have now. Currently I'm on the Family Share Plan with my wife and she too has the iPhone 4 but is on a tiered data plan (unlimited data plan wasn't available when she got her iPhone 4)
Here is what I found out (I'm looking at 64GB iPhone 5):
1) The ONLY way for me to keep my unlimited data plan intact is for me to pay full price of the 64GB iPhone 5. I could save $150 by trading back to Verizon my 32GB iPhone 4.
2) I'm eligible for the discounted price of $399 for the 64GB iPhone 5 and if I were to sign the new 2yr contract I would only be paying $4 more for the Family Shared Dataplan of 4GB per month compared to my current family plan now. Currently I use on average about a half gig's worth of data per month and that's with the unlimited data plan. My wife uses on average about 2GB of data so 4GB should be plenty for the both of us.
Oh... I could also still trade back my iPhone 4 and save $150 so my final cost for the 64GB iPhone 5 would be $399-$150 = $249... not bad.
Between these 2 options, Option #2 seems like the cheaper option short term, but long term Option #1 could be better (assuming I keep the iPhone 5 for years and not upgrade). My iPhone 4 has been problem free thus far (knock on carbon fiber, lol) but the main downside to Verizon's iPhone 4 is the inability to surf the web while on a phone call, so I'm assuming Verizon's iPhone 4s didn't have this issue and neither will the iPhone 5.