I think that's a good way to look at it.
Any response I have to the other person would be based on his reaction, however since the OP implies I was incorrect in my assumption that he was dangerous (altho I still wouldnt drop my guard), then most likely I would be apologizing. If there was no malicious intent, I believe I'd be facing a very scared person. Who could then quickly turn into a very angry person based on adreneline alone.
In my non-legal opinion, admitting I was wrong (about the person's motives) is not admission of committing a gun law crime. I would only have drawn *if* I had a true feeling that my life was in danger. I wont be denying that fact to the person, the cops, or a court. If I genuinely felt that, then I was within the law to draw. If my interpretation of his presence and movement was wrong, that is what the apology is for.
At this point, there is no way I can erase my actions....I think that sincerely apologizing would help to diffuse the situation. As I stated in my first post, at this point I would be subject to the reactions of the other person, any bystanders, and the responding cops.