No, change the 2 to whichever you want.
PHP Code:
if ($vbulletin->options['verifyemail'])
{
$newusergroupid = 3; // users awaiting e-mail verification
}
else if ($vbulletin->options['moderatenewmembers'] OR $vbulletin->GPC['coppauser'])
{
$newusergroupid = 4; // coppa users/if you are moderating new members
}
else
{
$newusergroupid = 2; // standard usergroup if registration went fine.
}