Since that drive has a maximum media transfer rate of 50.2 MB/sec (for the two platter model) or 45.5 MB/sec (for the single platter), you may be limited by udma2 33 MB/sec operation although in the real world I'd be surprised if you notice any improvement using udma5.
http://www.netcomdirect.com/hitrdk40at292.html
Run a benchmark to establish your udma2 transfer rates
hdparm -t /dev/hda
Try setting udma5 mode (WARNING: MAY CAUSE DATA CORRUPTION - HAVE A BACKUP OR BE PREPARED TO REINSTALL)
hdparm -d1 -X udma5 /dev/hda
If no error, run another benchmark to check the difference.
hdparm -t /dev/hda
Also possibly worth trying is the hdparm -u 1 switch which sets the interrupt-unmask flag.
-u Get/set interrupt-unmask flag for the drive. A setting of 1
permits the driver to unmask other interrupts during processing
of a disk interrupt, which greatly improves Linux's responsive-
ness and eliminates "serial port overrun" errors. Use this fea-
ture with caution: some drive/controller combinations do not
tolerate the increased I/O latencies possible when this feature
is enabled, resulting in massive filesystem corruption. In par-
ticular, CMD-640B and RZ1000 (E)IDE interfaces can be unreliable
(due to a hardware flaw) when this option is used with kernel
versions earlier than 2.0.13. Disabling the IDE prefetch fea-
ture of these interfaces (usually a BIOS/CMOS setting) provides
a safe fix for the problem for use with earlier kernels.