That would work, assuming that the boot process doesn't choke when it doesn't detect a cdrom on boot.

However, that wouldn't make for easy backups if you want to keep an updated copy.

If anyone wants to give this method a shot, you should know the following commands:

mkdir /mnt/hdb
mount -t ext2 /dev/hdb /mnt/hdb
cp -r /drive0 /mnt/hdb