I'm not sure I follow these IP addresses:

Production Server: Name : PROD1 IP : XXX.XX.XX.223

Secondary Server: Name : LOGSHIP1 IP : XXX.XX.XX.224

We create an alias like this:

Alias : Name : PROD1V IP : XXX.XX.XX.223

shouldn't there be 3 total?

You're probably better off maintaining the second license if you go ahead with your strategy of having the secondary work for multiple primaries.  It might be in use frequently, albeit for short periods each time.

But... if you have multiple primaries for the secondary, I don't think your switch of the secondary's IP address and alias is going to work as well.  What if two primaries fail at once?  It's unlikely, I'm sure, and this article is a good treatment of a reasonable, low-cost and responsible method.  Thanks!