fwiw, no, it is not bootable that way.
You could possibly take the new drive, put it in a second machine, format it with the old DOS command format /s to copy the dos system files, and also copy the windowsxp install files (the i386 directory)
This will make it fat32, but bootable once in the laptop again
On boot, go to the i386 directory and run winnt.exe
That will install/upgrade windows xp from DOS
Then you will(should) convert the fat32 to ntfs once windows xp is up and running again.