Got it! Slight adaptation of John’s code above – basically, for anyone else that might need it, I needed to pull in the value for $term_id from the ID given in the sub_field, so:
$term = get_term_by('id', $term_id, 'wgd_jurisdiction');
echo $term->name;
Becomes…
$term = get_term_by('id', get_sub_field('ques_jurisdiction'), 'wgd_jurisdiction');
echo($term->name);
Hopefully this helps others – thanks again John for pointing me in the right direction.