There should be a sound of a spinning hard disk (but a hard drive can be quite quiet, too).
Also, remember that the Drive Setup version on that floppy is an early one. It is possible to download
1.7.3 and (using a special technique) modify a tools disk; but it will be very difficult without a functioning hard drive in the Mac.
One more thing. The PowerBook 5300 is equipped with two PC Card slots for 16-bit PCMCIA. It is a very good idea to buy an inexpensive PC Card adapter (such as the one
) for CompactFlash memory cards. A CompactFlash card will appear to the PowerBook as an extra hard drive. The CF cards are normally PC-formatted but can be reformatted to Mac.