Where do I stand with this do you guys think.  I have as far as I can tell done everything by the book in so far as sending to the registered address, I have tracking and signature (of course there is no way I can state the signature belongs to anyone in particular as ID is never asked for)  Do you think I will be covered under the PayPal protection system here.

You should qualify for seller protection - just make sure all the relevant documentation is uploaded to the dispute, particularly the one that shows the address the item was sent to. (The signature may help with the chargeback being unsuccessful, but it's proof of postage to the delivery address that will give you seller protection regardless of whether the chargeback is successful).