and after all of that, a towing mast invented by the rule maker Team New Catalonia isn't legal...Oy, knobhead, stop posting stuff on the internet that is WRONG!
So... after further reading, I now believe that
1) The definition of LEQ12 includes AC40s
2) There is no rule that limits the amount of LEQ12s you can have (only that limits components)
3) Components only count to the quota if they are mounted on LEQ12 hull which isn't AC40 class legal.
4) A hull is the main body of the yacht, including the bottom, sides, transom, deck, cockpit and internal structure but not the mast, rigging, sails, appendages or fittings
So, you can have as many AC40s as you want, because they're LEQ12s and there is no limit to the number of LEQ12s you can have.
There is a limit to the number LEQ12 components you can have, but the teams don't have to worry about AC40 class legal part on AC40 class legal hulls as they are exempt from the quota.
So I think ETNZ can mount their banana foil and new wheel on their second AC40. The wheel isn't an LEQ12 component which number is limited, and the banana foil has already been taken from their quota. Their first AC$) hull surface hasn't counted against their quota as it was mounted on (part of?) a class legal AC40) hull.
Bit confusing, but I think it now makes sense.
That means INEOS / LRPP can mount lots of their LEQ12 equipment on their AC40 when they arrive. But, if they put an AC40 part on to their LEQ12 (mast, wing, rudder, sails) it will count to their LEQ12 quota.
The upshot of all of this is INEOS and LRPP have less interchangeability between their LEQs (test boat and AC40) than ETNZ does between two AC40s, even if one has been testing none class legal components, so long as the hulls themselves remain class legal.
Just hurry up an lose TNC!