Running BuildDerivatives Task from another machine

Before I have a go at doing this and risking further corrupting my gallery (Had a HD drive failure and the backup wasn't 100% over the new year) is there likely to be any problems in doing the following?

* Mapping drives to the same letters/locations as defined in the config.php and other places from a second (significantly faster) machine
* copying anything thats not mapable e.g. things on C: to the same locations on the faster machine
* On faster machine running a command line php to build the derivatives.

Ideally I want to reduce the CPU load on the web server while it does all the CPU intensive stuff like applying watermarks.

N.b. Web server configuration:

Windows
Apache 2.2, PHP 5.2 installed on D:\
External tools: ImageMagick, DCraw etc installed in C:\utils
SQL Server 2005

Thanks

Mark