Managed to fix it myself - well not fix it, but identify a bug in License Manager. It won't recognise POD Farm as authorised if I have my GuitarPort connected.
I noticed on the video for Licence Manager the dude said "the really cool thing about Licence Manager....". Let me assure you, there is nothing cool about Licence Manager. Unless you think losing sessions to it's various idiosyncrasies is cool!
