I swear I remember seeing an option or a radio button somewhere when I first used iCue to make a profile hardware or software but for the life of me I can't find it now and it's infuriating.
While writing this it did occur to me that I could export the profile I wanted to switch, find the property and manually change it but I shouldn't need to do this!!!
For the record in case anyone else wants to do this, the XML tag is called <isHardware> and you just toggle between true and false to switch it.