This is probably way too late but since no results have been posted ......
If XP is installed on a HardDisk formated to FAT32, using FDISK, it´s likely that the clusters aren´t aligned to the boundary of the disk. I honestly don´t understand this exactly but FDISK isn´t that accurate.
If such a HardDisk is converted to NTFS, it will get a cluster size of 512B. However, there´s a chance that the clusters are aligned and then cluster size on the to NTFS converted HardDisk will be 4kB.
A cluster size of 512B will be more prone to fragmentation than the NTFS default cluster size 4kB.
Formating to FAT32 using the WinXP install CD will get it right and HardDisks or partitions will after converting to NTFS have the default cluster size of 4kB.
I would try using the WinXP install CD to format (full format, not quick) the HardDisk to FAT32 and let it continue to install the OS.
Next I would restore using the Ghost Image.
Finally I would convert to NTFS, keeping my fingers crossed ......
Note #1: I´ve never done this but I would certainly try it before reinstalling everything ......
Note #2: If successful, don´t forget to re-image the system partition ...... 8)
Christer