Thanks to Malcolm and his team, I’m now switched over to a Network Named License - thanks! 
A few more things for anyone else considering making the switch:
From sending an email to Malcolm to receiving the new details was about 40 hours. Obviously switching every day would be a bit optimistic (and a bit over the top of course), but it didn’t take that long in the grand scheme of things and I was in no great rush.
Setting up the Linux VM was of course quite easy and then installing the ELC server wasn’t that much more effort on top.
IIRC, part of the instructions tell you to uninstall your existing copy of Delphi/RAD Studio, but I didn’t need to do that - I just downloaded a small program from the ELC server to load the settings into my existing copy of Delphi. To comply with the changeover agreement, I had to manually go into the license manager under the Help menu of Delphi and delete the original Named User license - I suspect that, based on previous experience, it would automatically phone home and deactivate itself at some point if I hadn’t done that anyway. Until I deleted the old license details, it didn’t try to contact the ELC server at all.
When setting up the named user on the ELC, you need to specify the Windows username as the username - I didn’t see anywhere that said that in the documentation, but I might have missed it.
When logging into the ELC web server as a user to get the license file, it only needs your username - there’s no way that I could see to set a password for the user which is a bit surprising - anyone that can reach the right port on your ELC server would then be able to check out your license if they know your username.
When setting up a named user in ELC, you can set a maximum lifetime that that user automatically checks the license out for - up to a maximum of 30 days. Something I’ll need to keep in mind is that if I haven’t used Delphi on my laptop for a while, I would need to fire it up to grab a 30 day period from the server before I went out with it if I want to be able to use it. I guess that if I was going away for a longer period, I could just take a copy of the ELC VM with me.
If the ELC server isn’t running/contactable when starting Delphi, there’s a 20 second delay before anything at all shows on the screen - it then loads as normal, but says that it has 30 days remaining on the license. I was hoping to only need to fire up the ELC VM once every 30 days, but it’ll probably be easier to just leave it running all the time.
Overall, I’d say that it’s well worth doing. It’s a slight hassle to set up and to keep running, but could potentially save huge hassles down the road if Embarcadero ever implodes or I want to let my subscription lapse and then move my installation to a different physical machine. Even with an active subscription, I’ve heard a number of stories of people having to wait a while for support to give them a license bump. Having said all that, my Delphi install prior to my current one was migrated across at least 3 different laptops without ever needing to reactivate it even though Windows itself required reactivation each time.