T320 - Installing Windows Server 2008R2 with Dell License?

Hello - I have a project that was delayed, but will now be completed.  I need to install Windows Server 2008R2 onto a T320 that is currently hosting one Windows Server 2012R2 VM.  Several license keys came with the T320, including one license key for 'Win Svr Std 2008 R2 Virt'.  Can I install the trial/evaluation version of Windows Server 2008R2 and then activate it using the Windows Server 2008R2 virtual license that came with the T320?  Or will that not work?

Thank you