To answer your question.
It cannot be done this way !
There are a number of reasons including;
- Not possible to downgrade an OS without formating
- Different was of dealing with processes
- Different drivers
- Etc
The
only way to do this is via a format.
You're going to have lots of fun with drivers
The only realistic way you could do this is to dual boot XP and 2000 server, (fraught with problems).