Well, you can't actually buy Exchange 2000 licenses anymore, so he would be buying 2003 or 2007 and using the downgrade rights.
At any rate, the answer to your question is a definite maybe, depending on how your servers are set up. My recommendation for you would be to go to a clustered Exchange environment, if that's what you really want.
With Exchange 2000 to do the restore that you're talking about, at the bare minimum you would have to:
1. Create new stores on EX2 using the same names for the store database and log files as you did for EX1.
2. Take the stores offline and mark them as overwritable.
3. Restore the mail store databases and log files to EX2 for the stores on the failed EX1.
4. Re-mount the new stores.
5. For the mailbox users from EX1, you would have to connect each user account to the corresponding mailbox on EX2.
6. Depending on the size of your environment, wait for replication to complete.
When EX1 came back online (or was rebuilt), then you would have to:
1. Make sure that it doesn't boot up with the mailbox stores mounted (or just don't restore those files).
2. Delete the store databases and log files (if you restored them).
3. Create new stores and move the mailboxes back from EX2.
So basically you would have to treat EX1 as a completely new Exchange server.
Keep in mind that you'll also have issues with public folders, Free/Busy information and the Global Address List if your first Exchange server goes away ungracefully. For more details on that read here: