Well, first of all, I'd say don't do that. From a usability standpoint it's confusing. We've done it with wyBuild and the next version of wyBuild we're completely separating the entries to reduce the confusion (and support load it causes).
However, if you still want to do it you can call TA_CheckAndSavePKey() to verify that it's a valid product key. And you can call TA_ExtendTrial() to verify that it's a valid trial extension.