Except that since the slowdown is the only difference between locked and unlocked system (the effective result of the protection), removing the timeout is thus circumventing the protection.
DMCA doesn't cover hardware dongles, so it's unlikely to cover software equivalents (license key etc).
If your license is well written then you should be able to go after someone on a license violation. copyright maybe, depending on whether any of morphos is distributed.
I can't see that it's is likely to be pirated though. Even if it was trivially easy to crack.
