It's doubtful.
First, TM stores it's backups differently when they're done wirelessly, in a sparse bundle. When they're done to a locally-attached drive, they're in a
Backups.backupdb folder. Why they're done differently isn't clear, but they are, and you
cannot swap them.
What you are doing is not supported by Apple, as the only network backups supported by TM are to a Time Capsule or another Mac running Leopard: Here's the official word:
http://support.apple.com/kb/HT1733
You apparently found a "hack" that allow the backups to work, in some cases, to a degree. But you're doing this your own risk.
First, since this is *unsupported by Apple,* there's nowhere to go when there's trouble.
Second, you're risking a future update preventing it from working, and perhaps rendering your backups useless.
If you still think this is a good idea, do yourself a favor before you bet your backups on it: be sure it really works, at least for now:
Get a copy of CarbonCopyCloner or SuperDuper! or the like, and make a full bootable clone of your internal HD, on an external disk. Test it by booting from it, as you may need to restore it to your internal HD if the restore from TM fails. Then reboot from your internal HD.
Attempt a full system restore (like you'll need when, not if, your internal HD fails), via the instructions in item 14 of the of the
Frequently Asked Questions post at the top of this forum.
Again, even if it works today, tomorrow is another day . . .