Chances are good that the automated activation process will do that; however, if you use the manual process and speak with a Microsoft activation center human and explain the situation, they will fix the problem and allow the activation (as this happens all the time). It may be more work for you to do it, but in the end you will not lose your license or your ability to re-install MSO on the same computer it was installed on before. The extra steps are to prevent software piracy, but though a bit more time-consuming, you will not lose your license as it is perfectly valid and what you are doing is perfectly legitimate. If you don't believe me, chat with the link I provided above and they will confirm what I just said.
Good luck!