Richard,
You are correct. Microsoft only allows Windows 7 Starter to be pre-installed on netbooks. You generally won't have success with using a product code from another computer and it will be a violation of licensing anyway as OEM licenses are not transferable to another computer.
You can install any version of Windows 7 on your Acer Aspire One netbook from Home Premium to Ultimate. Naturally you will need to purchase a valid license for the version you choose. I recommend that you also upgrade the memory to 2GB if your model supports it.
Malcolm
http://www.windows7inthenews.com