Not really. You should be able to upgrade to Windows-XP 64 without reinstalling many of your programs, so long as they don't do too many registry shenanigans.
It's like saying "I want my car to have more space in the trunk, so I've tied this barrel to the top of my 20-year old car for additional storage space because buying a new car takes forever". I can see why you're doing it, but it's the wrong solution for the problem at hand. The answer is to bite the bullet and just get a new one.