Hey Neil,
Yes, you can activate the TurboFloatServer offline. See this article: http://wyday.com/limelm/help/offline-activation/
The IsGenuine config parameters are ignored for offline activations (unless there's an active internet connection, in which case the TurboFloatServer will convert itself to an online activation).
That's a long way of saying the offline activation already does what you want it to do.