Currently lets say we have our licenses in one pot, with lots of smaller "teams" that work all over the country being assigned a license from this. Is there a way of limiting the number of licenses a team can be assigned? Specifically we know we can do this with some internal admin, but were wondering whether it's possible in Office365 as it would really help workload.
Not natively, you'd need to abstract that layer through automation. Office 365 / Azure only has Group Based licensing, but this does not allow you to set a maximum on a group. Using, e.g., a scheduled Powershell script (as a runbook or locally) you could implement what you desire.