Hi Chris.
Are you sure about served licenses and VM? I don't think you can make it work from a VM (PB EULA)... As far as I know SYSAM records the machine name and the username to allow the license to be used. Also I have to mention that served licenses are acquired during installation... Aftrer that the license shows as reserved to the machine.
The served license mechanism is primarily designed for PB Developers who work on virtualized PC's where their HD and Network aspects change from VM to VM. The local licenses are perfect for standalone or physically connected PC's to a corporate LAN.