I believe the form offers protection only once in five years if I read it
correctly. If I'm correct wouldn't want to turn in my "get out of jail
free
card" over such a minor transgression.

In regards to this you are right and wrong. You can turn in NASA forms night
and day and they provide protection that one time the FAA comes calling. If
the pilot fills out a NASA form on this and the FAA does not investigate
this doesn't "waste" his one get out of jail free card. If they do
investigate it then well the NASA form will be worth its weight in gold
won't it?