The part of this which does not ring true is that an inspector would offer assurances of "no penalty". That does not happen. I was a pilot that far back; and the senior pilots back then had the ethic "have the sense to let the bones lie where they lie".
The mechanism for that is now NASA reporting. The exemption was created precisely because of concern that data was being witheld for fear of punitive action. It has been productive. Comanche, you should go to the NASA site and read the provisions of the exemptions (there ARE some limitations) for making a timely NASA report.
One thing I tell students, however, is don't incriminate yourself in the title of the report, which is public. The rumors as to disciplinary action in spite of a timely NASA report, barring criminal behavior, are due to the pilot naming the report something like, "Busted Class Bravo" as opposed to "Identifying Airspace when ORD VORTAC is OTS".
Here's the link:
http://asrs.arc.nasa.gov/overview/immunity.html And this program WAS in place when you had the incident. ('76 is when it started, IIRC- and it was met with skepticism).