No. The IP500V2 chasis gets locked down as well. So even doing a recreate with R9.1 for the sd card the IP500V2 chasis if it has made calls on R8.1 would need the upgrade license to work. If you had a new IP500V2 that hasn't been used you could do it that way, but that isn't going to save you any money.
But you do not need an additional V9.1 essential license (the existing essential edition license is fine) when you get the V9.1 upgrade license so may not be as bad as you think
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