You can, but I wouldn't for a couple of reasons. Somewhere between SP2 or SP4 Microsoft seemed to have changed the NTFS format slightly. But more importantly, the Win 2K disc does a full (slow) format whereas XP/Vista/7 do quick formats.
You shouldn't do this, the NTFS format is different between 2000 and Windows 7 and although it will work you may have certain features not working. For example the 2000 format does not byte align the disk. Use the format program for the operating system that it was intended for.