Thanks for jumping in! I have a multi user license (well, I guess effectively multi user LANPAK) so I don't think I'm offside.
I have copied the data to the NAS and successfully opened it. It in fact loaded much faster than it did previously off the windows box.
So it LOOKS like it would work, but I haven't attempted any transactions yet.
I thought I would ask what other peoples thoughts or experience are before I started testing transactions, but as I say, it loads up and I can definitely do inquiries on the data located on the NAS.