Well, you didn't mention anything about "legal" in your original question. Let me repaste it.
Quote:
Thus, one can encode a book purchased from a Mobi store so it can be read on a Kindle (with a bit of tweaking), but one cannot, and probably will never be able to, encode a Kindle book so it can be read on other MobiPocket devices.
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Italic was the part I was replying to
So yes, with a little modification you can make a tool to add extra PIDs to a Mobi file (which AZW is) without actually decrypting the content and read it on your PC or other devices. You decide whether it's legal or not... I guess it depends also on your country of residence