This can definitely work, but varies a lot depending on the load, number of users, and database size.
Windows 64 bit has handle more than 4 GB much better, so if your box has enough memory, sql server is setup according to best practices with separate spindles for logs and data, then you should be ok.
My recommendation is to use perfmon and closely monitor resources on both boxes now to determine if anything is getting close to being a bottle neck.
Alex Fagundes -
www.PowerObjects.com