If you can get it inserted into the BIOS, then it should work. Of course, the hard part will be to get it inserted into a modified BIOS and flashed to your server.
@cyberbot In case you prefer a "permanent" activation like OEM:SLP (and like to keep KMS emulation's periodic renewal aside), but has a hard time to get SLIC 2.7 on your physical server's firmware (as pointed out by @dafob), then take a look at the new TSforge activation method.