Yeah, that's basically it.
You can delete from your user settings, but if you're planning on sticking around, I'm not sure why you feel you need a new account. You can update all your info and, I believe, even change your username (I'm not sure if the admin side looks a lot different than yours). I wouldn't recommend deleting unless you're planning on leaving the site and, even then, only in the event you're trying fruitlessly to remove your identity from the Internet. Are you a superhero in training?
In my profile, if I click on "edit" along the top, there is a delete button right next to my "save" button.
That said, I'm remembering that my settings as an admin might be a little different from yours. Let me know.
Alright, word from the higher-ups is that you can use the "contact LitReactor" link at the bottom of the page, and submit a request for deletion there. Hope that helps.