You probably need to adjust the default lat-long setup in the planet node. It defaults to mapping 0,0 lat-long to the top of the planet (what Terragen calls the planet's "apex", since "north pole" is not really an accurate description). If you enter 90, 0 for the "lat long at apex" parameter in the planet node, this should map the north pole to the top of the planet and then your georeferenced heightfields should line up with your spherically projected image map. If the longitude is mismatched, you can probably compensate for that either by offsetting your georeference longitude values in the heightfield loader or by offsetting your image map in a 2D program. Or it may be possible to offset all the heightfields if you enter something other than 0 for longitude of the planet's apex, but I am not 100% sure.
EDIT: unfortunately you'll probably encounter another problem even if you align the position of the heightfield shader correctly. Heightfield always displace along the Y direction, which is not what you want when the heightfield is far away from the planet's apex (in your case the north pole).
What platform are you on (Windows or Mac)? I may be able to issue a temporary patch to allow you to displace along other directions if you're on Windows. Either way, I will get this fixed for the next update.
Matt