Is it possible to "jumpstart" my iMac with my iBook? I don't see why not?

Ok as you can see I have an iMac G3 350 mHz that runs Panther. The other day when my sister was on it, it froze up and subsequently kept getting stuck on startup, going no further. I stuck in Panther disc 1 and Verify and Repair weren't helping. I bought an iBook the other day with the main purpose for getting it being I in theory could use it to jumpstart the iMac should it fail again and sure enough on the day the iBook came the iMac did what I just mentioned. This morning I connected the two with an ethernet cable and held down opt while starting the iMac in an attempt to Network start the iMac c/o the laptop but no dice. How do I set this up? I don't see how it could be a problem as both this iBook and the iMac run 10.3.9. Could someone give me the lowdown on how I can set the iMac up to jumpstart via the iBook in the event of failure. It's a real PITA to have to keep going back and reinstalling all my software and settings every time the iMac goes down.