Yeah, this should not be a problem.
You didn't say if you were upgrading or installing anew but either way..
Backup the 2000 DB
If upgrading, or installing on the same PC, then shutdown the VC service and any other service that may write to the DB
If installing in a new location you do not need to shutdown the services
Upgrade or install to SQL 2005 and import the VC DB
Create the vcuser account with SQL2005 and give it ownership of the VCDB and the Master DB (you need the master DB for the last step)
Shutdown the VC service (and other vmware services that use the DB)
If the DB is installed in a new location alter the ODBC on the VC, otherwise it should be still good
Run a repair install of VC (you may have to do this also for update manager)
Test. You may need to disconnect and reconnect the ESX hosts
If you run into any problems you have the backup to fall back on and if you installed in a new location all you need to do is change back the ODBC to use the original DB
Its all pretty logical, If I put a step in the wrong place there you should at least be able to following the thinking behind each step. This has worked smoothly for me.
