Yes it is safe to delete the log file once mysqld has been shutdown

In light of this, just perform the following steps:

mysql -uroot -p... -e"SET GLOBAL innodb_fast_shutdown = 0"
service mysql stop
mv /var/lib/mysql/ib_logfile[01] /tmp
service mysql start

Starting up mysqld will recreate ib_logfile0 and ib_logfile1

Give it a Try !!!

UPDATE 2011-10-20 16:40 EDT

It cleanly page out all data in the InnoDB Buffer Pool prior to redoing the Log Files, you should set this option about 1 hour before shutdown:

SET GLOBAL innodb_max_dirty_pages_pct = 0;

By default, innodb_max_dirty_pages_pct is 75 (MySQL 5.5+) or 90 (prior to MySQL 5.5). Setting this to zero keeps the number of dirty pages under 1% of the InnoDB Buffer Pool. Performing service mysql stop does this anyway. In addition, a shutdown will finish up any remaining items in the redo log. To keep to this option just add it to /etc/my.cnf:

[mysqld]
innodb_max_dirty_pages_pct = 0

UPDATE 2013-04-19 16:16 EDT

I updated my answer a little more with innodb_fast_shutdown because I used to restart mysql and stop mysql to do this. Now, this one-step is vital because every transaction uncommitted may have other moving parts within and outside of the InnoDB Transaction Logs (See InnoDB Infrastructure).

Please note that setting innodb_fast_shutdown to 2 would clean the logs out as well but more moving parts still exist and gets picked on Crash Recovery during mysqld's startup. Setting of 0 is best.

I have very bad news for you.

You should not have deleted the ibdata1 file. Here is why:

ibdata1 contains four type of information:

• table metadata
• MVCC data
• data pages (with innodb_file_per_table enabled)
• index pages (with innodb_file_per_table enabled)

Each InnoDB table created has a numercial id assigned to it via some auto increment metadata feature to each ibd file. That internal tablespace id (ITSID) is embedded in the .ibd file. That number is checked against the list of ITSIDs maintained, guess where, ... ibdata1.

I also have very good news for you along with some bad news.

It is possible to reconstruct ibdata1 to have the correct ITSIDs but it takes work to do it. While I personally have not done procedure alone, I assisted a client at my employer's web hosting to do this. We figured this out together but since the client hosed ibdata1, I let him do most of the work (30 InnoDB tables).

Anyway, here a past post I made in the DBA StackExchange. I answered another question whose root cause was the mixing up of ITSIDs.

To cut right to the chase, here is the article explaining what to do with reference to ITSID and how to massage ibdata1 into acknowledging the presence of the ITSID contained within the .ibd file.

I am sorry there is no quick-and-dirty method for recovering the .ibd file other than playing games with ITSIDs.

UPDATE 2011-10-17 06:19 EDT

Here is your original innodb configuration from your question:

innodb_file_per_table=1
innodb_flush_method=O_DIRECT
innodb_log_file_size=1G
innodb_buffer_pool_size=4G
innodb_data_file_path=ibdata1:10M:autoextend
innodb_buffer_pool_size = 384M
innodb_log_file_size=5M
innodb_lock_wait_timeout = 18000 

Please notice that innodb_log_file_size is there twice. Look carefully...

innodb_file_per_table=1
innodb_flush_method=O_DIRECT
innodb_log_file_size=1G <----
innodb_buffer_pool_size=4G
innodb_data_file_path=ibdata1:10M:autoextend
innodb_buffer_pool_size = 384M
innodb_log_file_size=5M <----
innodb_lock_wait_timeout = 18000 

The last setting of innodb_log_file_size takes precedence. MySQL expected to start up with the log files being 5M. Your ib_logfile0 and ib_logfile1 were 1G when you tried to start up mysqld. It saw a size conflict and took the path of least resistance, which was to disable InnoDB. That's why InnoDB was missing from show engines;. Mystery solved !!!

UPDATE 2011-10-17 11:07 EDT

The error message was deceptive because innodb_log_file_size was smaller than the log files (ib_logfile0 and ib_logfile1), which were 1G at the time. What's interesting is this: Corruption was reported because the file was expected to be 5M and the files were bigger. If the situation were reversed and the innodb log files were smaller than the declared size in my.cnf you should get something like this in the error log:

110216 9:48:41 InnoDB: Initializing buffer pool, size = 128.0M
110216 9:48:41 InnoDB: Completed initialization of buffer pool
InnoDB: Error: log file ./ib_logfile0 is of different size 0 5242880 bytes
InnoDB: than specified in the .cnf file 0 33554432 bytes!
110216 9:48:41 [ERROR] Plugin 'InnoDB' init function returned error.
110216 9:48:41 [ERROR] Plugin 'InnoDB' registration as a STORAGE ENGINE failed.

In this example, the log files were already existing as 5M and the setting for innodb_log_file_size was bigger (in this case, 32M).

For this particular question, I blame MySQL (eh Oracle [still hate saying it]) for the inconsistent error message protocol.