Running two separate boards off a single database is complicating something that possibly doesn't need the complication...
Another tack that might be worth considering is announce on the existing board that you are rebranding... new look/name coming soon. Then, just change the name of the existing board/change the template (if you want) and job done. Finally, just before the leased license expires, buy an owned license (although just check with the vBulletin sales guys that this can definately be done). This way, you don't even need to worry about installing another vBulletin instance...
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