I think that the same AIrwave server is required for only making sure that licensing reporting works, Airwave shouldn't be *required* to enable and support centralized licensing, but I will ask.
As far as locals, then we can call them other masters, but the size of each controller, number of APs they are managing, etc matter. if your licensing master is a 7010 and all your other masters are 7240s with 2000 APs each, then that's not going to work. With 200 controllers underneath it, I think so long as your master licensing controller is a 7210 or larger and your total AP count is below 5k, you should be fine. If you're above, then let us know what your config is (what is the licensing master, how many other masters, what are all the other masters, and what is the total number of APs).