Yes, and you could distribute it, as long as you had a checkbox prior to the download that said, "I assert I am a Windows license holder and entitled to utilize

Yes, and you could distribute it, as long as you had a checkbox prior to the download that said, "I assert I am a Windows license holder and entitled to utilize derivatives of its code", or a banner that printed a similar message after installation, instructing you to uninstall if you aren't a license holder.