I am trying to replace my old Lennox thermostat with a new Honeywell RTH7500D. I have a heat pump. The Lennox 51h4601 wiring desginations are as follows:

T - Ambient Sensor
L - Service light
O- reversing Valve
Y1- First stage compressor
E- Emergency heat, no wire is connected
C- Common
R- Power
W1- First stage Aux Heat, in addition to the wire coming through the wall there is a wire that goes to the back of the switch panel. Switches are for Auto Fan, Emergency Heat and Heat or Cool. There are also a couple of lights for emergency heat and service.
G - Indoor Blower

The new Honeywell does not have a T. Since there is no E coming threough the wall, is it OK to leave the E on the new Honeywell without a wire? The rest of the wires make sense and shouldn't be a problem. Advice will be greatly appreciated.