Thought I would put another post up on this.
I ended up setting up Failover cluster and DFS replication between my two lab servers. While I didn’t take it the extra step to setup a 3rd for a proper quorum, I can successfully flip between the two servers for the PowerShell Universal service. It stops it on one then starts it on the other when you shift it, while also maintaining DFS replication of the folders I setup, the programdata\universalautomation folder and the folder where I housed my dashboard files as well. Works like a champ.
As a follow-up to this, I would be curious how you see this from a licensing standpoint. I’m only running the service on one system at a time, and I’m replicating the DB and files with the license data across servers. Would you expect an end user to have 2 licenses?