Potential for a very big problem! Previously we had multiple locations in the system and decided to consolidate everything down to one WI location. Then somehow someone entered parts and/or received parts to a blank location, which is allowable, thus creating two locations again. So we decided that since the blank location is a permitted location, lets just set the blank location as our default. That worked fine until items are entered or received to a WI location again.  
This is the part where the problem comes in.  
I ran the UT-K-E again but now my default location is blank and I need to copy the Item Class GL accounts from my default blank location, which is not allowed by the system. So I went ahead and used our WI location GL accounts, because that is where we got the information from to create the blank location. NNNAHHHH!
 What it did was wipe out all but two of the Item Class GL accounts, which I think were the culprits from the two locations being created. In finding this I had to go through and edit the GL to the proper accounts, recalculate the GL accounts and then add the Item Glass GL Accounts back into the system. Thank GOD it was only a weeks worth of data!!!  
 Here it is only a matter of time before I have two locations again and I will run into the same problem.  And the only ways I see around it is to either take out the blank location and require a name for the default location or allow the Item Class GL accounts to be copied from a blank location because it is an actual location.