I would love to do that but I don't have a Windows XP setup disc beside the Lenovo one. I only have Windows 7 but the keys are already used by my other PC.
I think you could solve all this by using an upto date windows setup disc. When you use the system restore discs, your installing a 5yo operating system, a lot of 5yo bloatware, a recovery partition filled with backups of all this outdated software, and redundant disc images so you can burn more copies of the outdated software.
If you install from a windows disc you won't waste all that disc space and the install will take minutes, not hours. You can then install Lenovo system update to get the latest drivers and select only the bloatware that you actually want. The end result is a fully updated system, and a better alternative to the recovery partition would be to make a separate partition and install the windows disc twice, then you'll have dual boot and if anything happens to make the first installation corrupt, you can boot into the other and be up and running in a minute or two, then fix the problem at a time of your choosing.
The Lenovo system is nice, but only when the software and OS are new, I always get rid of it when the system is 2-3 years old.
That's my opinion, but you should do whatever works for you, if you like the default lenovo setup, then it might be worth the time/effort to do the full restore, followed by hours of updates.