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The Host IPS product must be managed by an ePO server, however, you can change the default rules before an ePO policy is applied.
KB50395 - How to deploy McAfee Host IPS with customized policies when an ePO server is not accessible
Thanks Kary - that was useful information that we will probably need in the future. Having read that KB, its obvious that I cannot do what I want (make a temporary change to the rules (default and learned) locally on my Workstation) without the ePO server.