Yes, as long as the bios can "see" the drive at all you should be ok, linux queries the cylinders, heads, sectors info from the drive and does not rely on the bios (unlike Win$).
On another tack, for a 440 chipset you are unlikely to have anyhting quicker than ATA33. You could always buy a cheapo PCI ATA133 host card (about £5 from Ebay) and unlock a bit more potential from that big drive. I used to have a CMD 649 chipsetted controller card - SME saw this fine.