Do you mean to test the cd? Then yes.. But if you attempt the procedure while booted from the chipped box you will end up locking it with the wrong eeprom.. This has probably been covered, but you are aware that you can also just clone the eeprom onto the chipped box.
Another method if you are fairly computer literate would be to install and run chimps tools, upload the softmod eeprom.bin to new hdd that has already been prepared with slayers and softmodded (so that its bootable in both boxes except for being unlocked).. Then run chimps hdd cloning package and telnet into your xbox.. there is a linux app called hdlock2 (I think) that has many command line options including locking with whatever (any version) eeprom.bin you direct it to.. This prevents any need to hotswap a big hdd, but you need to know your way around the linux shell..