Not as I can tell.
The main problem is that to use mount points, the underlying directory needs to be empty. Docs and settings is NEVER empty - at least "All Users" and "Default Users" will always be there.
So, I tried these instructions and found that they kind of work, but some of the stuff, like Media Player settings and the Left side of the XP Start menu, don't copy.
Just tried them on a 2000 machine, and there they work.
Pulled the drive, put it in a different PC... no joy for XP. The mount points seem to be relative to the windows install, not to some physical path to the disk.
In short, I need to experiment more. I think my next step will be to create the link at the "documents and settings" level, then create a new user. Just to see if things work right then.