Using my British Bank Account...
My address is also stated as UK, which is true as I still have the place and stay there when I'm back home but generally I've been over in Hong Kong for the majority of the time for the past couple of years.
Asking cause the last I want to do is make a decent cash then oops attempt to cash out and boom, account lock.
I've been playing for a while and haven't seen any problems but I've read that most account locks happen as you try to take out your cash appropriately enough.

It is definetely not legal to play on Poker Stars, when you spent the majority of the time for the past couple of years in Hong Kong.

I've checked around and that seems to be the case though I've read that since it's not based in HK, it might not be an issue but that could just be for the mainland.
I've read about actual local HK'ers playing and actually cashing out money on PS and I've certainly noticed that if pokerstars wanted to stop HK'ers playing they could, just like they block all HK'ers from the casinos games they could block all cash poker games.

I guess the real question is, will pokerstars let me play at my own risk or will they shut me down and cynically take my money the second I want to cash out?

You always play at your own risk:

4.YOUR REPRESENTATIONS AND WARRANTIES

Prior to your use of the Service and on an ongoing basis you represent, warrant, covenant and agree that:

4.1 your use of the Service is at your sole option, discretion and risk.


7.BREACH

7.1 Without prejudice to any other rights, if a User breaches in whole or in part any provision contained herein, PokerStars reserves the right to take such action as it sees fit, including terminating this Agreement, including immediately blocking access to the Service to such User, terminating such User's account with PokerStars and/or taking legal action against such User.

7.2 You agree to fully indemnify, defend and hold harmless PokerStars and its shareholders, directors and employees from and against all claims, demands, liabilities, damages, losses, costs and expenses, including legal fees and any other charges whatsoever, howsoever caused, that may arise as a result of:

7.2.1 your breach of this Agreement, in whole or in part;

7.2.2 violation by you of any law or any third party rights;