Not really going to work. Best thing to do, is before you format, track down all the drivers you need and put them onto a CD or external drive or something. That way you've got them handy when you get done with the initial install.
You might also want to consider making an installation disc with SP3 slipstreamed in. Use Google for instructions if you need them.
I'm planning on reformatting one of my computers. The problem is I lost my system restore disks and had to buy a new windows XP disk. I reformatted it like this once before, although it was a pain, having to find all the drivers myself.
Would it be possible for me to back up the windows or system32 or drivers on an external hard drive and just transfer it back over after the reformat? Would this cause any problems? I'm trying to make this as smooth as possible.