Do I need to recreate all the tables I made using the free version?
No you don't need to re-create all the tables you made using the free version. After upgrading to ultimate/standard version, just update pricing table features and columns for once from Edit Features and Edit Columns link. After that, you will get back all the features and columns you made earlier using free version. However, you need to fix some of the designs of the pricing table. Beside this, you have to configure the functionalities of the pro version to use them.