There is nothing in the code that would prevent you from doing this, and we won't come after you for setting up a demo site in this mannor.
We aren't going to update the license for this, since the legal termonology would be too complex and expensive to get written, but just do it and don't worry about it.
The license is in place so that we have legal right to go after someone that is doing something that may effect our business in a negative mannor. We aren't going to use it to go after clients setting up demo sites to try to get business.