ePO doesn't limit you to the number of licenses you've purchased. You could just put one key on the ePO server and install a hundred VSE clients. You would be out of license compliance, of course, and McAfee could request an audit. But ePO does not impose any technical limitations on the number of clients connected to an ePO server based on the number of licenses.
Thanks for identifying the ePO system mechanism.
However, with regards to policy and compliance - using the single ePO setup will be technically in violation of McAfee anti-piracy policy (unless McAfee can identify that I have 2 ePO licenses or they have mentioned this somewhere in their documentation).
It appears that I have to setup 2 ePO servers until I can renew it to a single license.
I'm not having much luck finding anything on their support site that describes this situation. However, I can say that, during a license compliance audit, McAfee will match your currently used product count against your total license count, not against the license count that is tied to a particular ePO instance. My company has three separate grant numbers, each with different products, and of course have only one license key applied in ePO. This wasn't an issue during our compliance review.
I think you might want to talk to you sales guy: 1 epo with all your systems is perfectly fine if you have licenses for all your system. ePO comes with the suite for free, and you can only input 1 license number.
They can't blame you for the inadequacies of their grant and license number system.