This would in theory work. The compatibility issues will mainly be with PHP and MySQL, Apache should cause you know issues. PHP, well you'll be running the same version.
In regards to MySQL, if it is the most basic of MySQL there will be no problems. I presume it won't be THAT basic, take a look at http://www.mysql.org/doc/refman/5.0/en/ ... shell.html
and keep those changes in mind when using MySQL. This should prevent too much aggro on switching over.
You may also wish to look at xampp's Development package, though I'm unsure if this would provide you with what you want, as I've not used it. But worth a shot.
Best of luck and hope I've been of some help!