I've almost no doubt it would work because it's based on the server 2008 core. As to license issues, most systems are multi-core these days and without checking the actual license out (I'm in trusty old Windows XP at the moment), I'd find it very strange indeed if you violated your license Lowell.
I'll reboot to W 7 in a while to check the license out but I'd say go ahead with a clear conscience.
It will be good to hear from you how that baby performs with W 7
Ah...just something to think about...TechNet versions are for test use and you can throw it them at just about anything you like on that basis and as many times as you like.
"The great majority of mankind are satisfied with appearances, as though they were realities, and are often more influenced by the things that seem than by those that are." - Niccolo Machiavelli