This discussion is a good demonstration what is wrong with belts in general.
It should not make any difference at all what belt you where. If students cannot be careful with anyone regardless of status of returning, rank, or ability...then they should not be doing it with anyone. If a shodan ego cannot face up to not wearing the belt, then he should evaluate why he is wearing it. If his technique, skills, and emotions are not up to par with that of others of equal rank...then why should he wear it. If white belt students cannot emphathize and respond appropriately with respect and physical technique...well you probably see where I am going with this....
I don't think it matters much...do what your sensei says, or wear it if he leaves it up to you, or don't wear it. I personally would not care or find it relevant what color belt you wore...but that is me!