Tonight I experimented enough with the tenant features to think that it will work just like you said (not that I didn't believe you!). One thing I found is that it seems like the call routing in 225 seems to only follow tenant 1's schedule. I guess you have to assign the department to a tenant then do the routing in 331. Also, turning on tenants blew out my Automatic Day/Night tables. Hopefully there aren't any other unexpected things that changed.

Thanks for your help!