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Those questions might be good for a unique thread so others can more easily find the information down the road.
I will have to check our partner agreement on the license key thing, but I would think it should be OK. Yes, you can run the game server 24/7 so long as you are within the allotted bandwidth limits.
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If you want aesthetics you could probably just write a cPanel theme to show "unlimited" here and that would solve that problem but then again I am not sure branding to that level works on shared servers with cPanel.