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Hi @eggsa
This message is not legal advice (only from the research I have completed). If someone has a correction, please let me know.
1) Generally speaking, reverse engineering in your situation is legal and ethical (see articles below):
https://ethics.csc.ncsu.edu/intellectual/reverse/study.php
2) Where it begins to be unethical/illegal is when you copy the product and use it to create a copycat product.
3) I would also consult with your country's (locale) laws with regards to reverse engineering as stated by Microsoft:
General Terms

https://learn.microsoft.com/en-us/legal/microsoft-apis/terms-of-use#11--general-terms
Microsoft APIs License and Guidelines

If this is helpful please accept answer.