Drupal pain.. Trying to create 2 registration forms- Forms API, or CCK ? and does email work

A BASIC need is to have more than one registration form for different types of users. In my site I need a registration for MERCHANTS and one for CONSUMERS. After pawing around the forums and seeing conflicting advice, I think I am going to try autoassignroles and content profile 'developer' modules. As I understand you need to do the following:

Make roles for example: "student" and "professor".
Make 2 content types, "Student personal data" and "Professor personal data". In those content types check "Use this content type as a content profile for users". Then tab "Content profile" will show up. In that tab check "Use on Registration" and choose for witch role.
Go on autoasigne role page. Click on "Asign from path". And fill the path field for each role for example : register/student for students.
And that is all.
Now you have 2 url addresses , one for each role, with different form fields for registration.

IS That correct? And if so, do I create the content types using forms API? And if so, does the emailing back to the registered user work? How? Don't I need to put an email address in my form and somehow TELL the registration ?

This seems like such a basic need and I've spent 3 days on it! Drupal is NOT fun.