Not really. Point #2. Still would have to mount the NTFS Drive and load the Registry.
Except in Windows you cannot modify menu.lst
Alright sorry mis-read. But then what Guru said comes into play fully. As Windows cant edit the menu.lst therefor making iReboot useless in Windows and only work from a Linux stand point.
Since the Windows version will require the BCD to be in control of the boot.
So in theory what you are talking about could work. But only from a single stand point as it does now.
Any way this is looked at it will take a lot of work and additional software to be installed for such action to be taken. It will require either explore2fs to be installed in XP to use iReboot properly if GRUB is the loader or run the risk of having your system bricked from having to access and modify the registry from Linux.