SQL Server Service's Log On As account
As long as you change the service account within SQL Server Configuration Manager (SSCM) it will apply all the permissions required (registry, files, etc.). 

Only thing to be aware of are those rare occasions where SSCM process does not apply all permissions as expected, generally from some WMI issue. I so far have not come across this in new versions of SQL Server (2008 R2+). 

By the name of that service account I am going to assume you are on an OS of Window Server 2008 R2 or higher. Just as a side note, if you do not actually need access to Active Directory resources leaving that account as the system account is perfectly alright. Most security standards will allow it as well if you are running on a current Operating System. These are virtual accounts that offer more security than the previous local system accounts did in previous versions of the OS. They are less chances of someone impersonating those accounts. I use them on most servers I setup for clients now unless they have some reason to need full domain access.