The date in I-20 is not the D/S thing, it is the date mentioned in number 5 (..... should complete the study no later than xx/xx/xxxx). So the temporary visitor expiry date is this date or if you are on OPT, the end date of OPT like that.

Say ur temporary visitor expiry date is 04/22/2012 and your license expiry date is 10/13/2016. If you change your status after 04/22/2012 to another I-20 or OPT or H1, then you may want to replace ur license with new one status expiry date. in your new license the temporary visitor expiry date will be different say 02/16/2014 but the license expiry date will be the same as previous, 10/13/2016.

Hence till 10/13/2016 you will be replacing (remember, not renewing) the license based on your change in status. Thereafter you will be renewing the license. Technically it is not mandatory to replace, but when the cop pulls you over and checks your license with expired date in visitor status, then you shud be able to show other documents or your valid status. If you replace you license, then the cop will see in license that you have valid visitor status.

Near to 10/13/2016 (license expiry date) you should renew ur license no matter what ur visitor expiry date is.