Yep, the magnetic field would shift but remain as strong, the problem is would the earth be facing the sun in the "right way" to repell the solar winds and flares.
Another possible problem is if the ammount of asteroids / comets comming into the inner solar system increases, one could hit us. Jupiter is experiencing more than normal impacts lately, and we know that as the sun moves through the galatic arm, it enters a more debris at one point, maybe we are entering such a time now, woo hoo
Now the north and south poles are futhest away from the equator, so the solar winds hit near the equator and go arround in some way and end up as N.S lights. If the Poles were AT the equator, taking the solar wind head on it might have a different effect.