If you're only using one VEP server (on a slave machine)..and not running the actual VEP server on your DAW machine, then just move the VEP7 license to the dongle that is on your slave machine. You should be good to go.
I personally feel also that the license change should have included VEP local server on the daw machine + one more slave if desired. I think a lot of people would dabble with that, myself included, but I can't justify spending more money for it, so VSL has taken that fun away from me in VEP7, and I'm not too happy about it either, but it is what it is...make due with one VEP server is probably fine these days for a lot of people, myself included. So I will live with the reduced functionality. VSL products are otherwise completely fabulous to use.