[Steven Zahm]

RE: If I click “Activate” in the Licenses, is it correct that it will NOT impact my live site?

Correct. Attempting to activate on your local dev site, in many cases, will not count against the activation limit of the license. If the license manager cannot determine that it is a dev site. The only thing that will happen when you click activate on the dev site is that you will receive a message saying the license activation limit has been reached and the licences will not activate on the dev site.

Hoe this helps!