juliemckean wrote:If I could Move the Licensed and activated VM back to the newly re-imaged Host, I'd stand on my head and eat bug
That will never work. The hardware of your physical PC and your VM is radically different, the cumulative changes are bound to trigger a reactivation. This is under Microsoft's control: you would have to approach Microsoft if you want them to change their policy (and I wouldn't hold your breath while waiting for a positive answer).
I suggest you use something like Acronis if all you need is a drive image backup tool.