iTunes Connect should be talking to your developer provisioning portal. The Bundle ID in iTunes Connect must match what you have in the Provisioning Portal and you must download the profile that goes with that App ID and then use Corona SDK to build against it. If you are using the wildcard identity, or if you’ve got something in your build settings that’s setting the Bundle ID there, then things can get out of whack.
As to your question, if you create a new AppID it will have a new Bundle ID and you will have to create a new App in iTunes Connect to match and you likely will have problems with the title of your game. Though you should be able to change the title of the bad version and then use the title you want on the new version. That said, I’ve never seen issues between iTunes Connect and the provisioning portal before. But it’s too easy to mess up getting the right profile into your computer to use.
Can you post new screen shots now that you’ve removed the apostrophe? Also post your build.settings.