Not exactly. There are some problem sources.
Given that the SDW 431S is an old and relatively slow 4x/8x drive, if the replacement drive you use is a much faster drive such as 16x-22x the USB chipset used by the enclosure might not be able to deliver high enough sustained connection speeds
Since the SDW 431S is a slim drive, this is not an issue.
Assuming, the internal drive is with Pata interface, there are two problem sources:
1: Availability. Pata drives are rare these days.
2: Master/Slave setting. Slim drives don't have jumpers to adjust Master/Slave behaviour, that whole stuff is buried in the drive's firmware. Especially if you buy some OEM drive, you might encounter problems here.
I personally would avoid that trouble and buy a new external drive. A "full sized" one, no slim drive. Price is about 50 USD nowadays.