Yes, sure, you can always go back to my.getbowtied.com to change the domain name and generate a new Product Key for it.
There's clearly a need for having a secondary site (local, dev or staging environment) where you safely perform tests such as development, theme or plugins updates, etc before doing it on a live site so we kept that in mind for the product key validation. To activate your staging environment, when generating a product key, instead or typing in the main domain only, add your local/staging environment url as well, comma separated. Example:
This will allow you to use the same product key and validate both instances.