Sorry Gabe, I wouldn't recommend that.
Though transfers might be faster going from CDROM to CDRW, the hard drive would be a whole lot slower. You should avoid placing CDROM drives on the same IDE controller, because the hard drive wants to use DMA and most CDROMs can't. Plus, newer hard drives use ATA/66, ATA/100, or even ATA/133. Unless your CDROM is brand new, it probably only knows ATA/33.
Rod,
Right-Click My Computer, click properties and go to the Performance tab. Does it tell you that some drives are using MS-DOS Compatibility?
If so, check out this thread and visit all the websites posted:
thread602-242425
~cdogg