It could stay as it is if you choose to use FAT32 instaed of NTFS.
NTFS is generally considered better for a variety of reasons.
There may be a way round choosing NTFS, but never having done it, I don't know if it'll work!
You MIGHT be able to install Xp on an NTFS Master disk. Copy the FAT32 files from the slave to the master. Format the Slave as NTFS and then put the files back.
I THINK XP in NTFS can read FAT32 files, but not write to them. As I say, I'm not sure.
Wait til others reply and either concur, or tell you I am a fool!