Hi Brad,
Indeed, SLM doesn't natively offer to monitor Office 365 due to its own characteristics Click-To-Run service.
Hence, you would need to create first a custom product then monitor it as explained in the following link;
http://help.landesk.com/Topic/Index/ENU/LDMS/9.5/Content/Windows/slm_t_create_custom_products.htm
Otherwise, you would need to create a Enhancement Request for a future LDMS version;
Thanks for your understanding and good luck!