Simon,
It would. Note though the Barefeats links is SATA, not Firewire 800. And SATA is much faster in specs than Firewire 800. So maybe what you are looking for is a good external drive case which is bootable, supports SATA2 instead of Firewire 800 and then the Express/34 SATA card in Barefeats for optimal performance of an external drive. I've never tried such a drive, nor can attest to its reliability. I would though say, that in prior experience with Firewire 800 and 400 drives, I couldn't maintain a reliable connection for extended file transfer copies, and they just simply quit on me. Maybe SATA finally bridges the gap between reliable copying within an external and that of an internal.
Whatever you do, I recommend backing up your data as my FAQ states:
http://www.macmaps.com/backup.html