There should be no problems in doing this.

The component is issued with both runtime and design-time licenses, so this means that you as the developer can program the applications, compile it and then ship it to your client who would then receive the component in a run-time only form. If your client wishes to use the component in a design-time environment (which by the way includes Access and Excel as well as Visual Studio), then they would require a design-time license as well. The design-time licenses are licensed on a per-machine basis.