Hello Dave,
You can use your PhotoScan license (Standard or Pro) on a remote or virtual machine (including Cloud), if it is being utilized by yourself (no automated services for the third parties or access to the license for the third parties are allowed by EULA).
Since the node-locked licenses allows only single activation at a time, you need to deactivate the license in your office and then use the same key on the virtual machine, when performing some processing. After you finish the work in the cloud, deactivate the license via Help Menu -> Activate Product dialog.
You can perform the processing from scratch on the powerful cloud node, as I don't see any benefit in performing the same workflow twice using low parameters first, unless it is required for placing markers or anything similar.