I have a work desktop computer and a work laptop for home and the road. Can I install the same licensed version of Photoshop on each computer knowing that I'll only be using one OR the other at a time? Basically I'm designating the license as a One Concurrent User license. Is this OK?

Usually it is. I would double check the EULA to make sure. But most do allow for installing on 2 PCs as long as they will not be used concurrently.

I would also make sure that the laptop install is set not to 'phone home' in case the app validates the key. :D