Basically, yes, but even in SS2K you might have needed to use the DTS Designer to modify package connections if you used "(local)" and/or logged package executions locally.
It is a little more complicated because the 9.0 SSIS packages can be more complex, but the idea is generally the same.
I certainly would not try upgrading an SS2K MSDB to SS2K5 and migrating platforms to boot. I'd upgrade the database first, and then try to relocate a copy.
Sincerely,
Anthony Thomas