Not that I am aware of. XP was not designed to run from USB media, so you have to make some serious changes in the inner workings. For example, XP loads the drivers for the USB subsystem late in the boot process, which gives serious problems if it is USB you are booting from. So you have to change driver priorities to make that work, etc.
This not trivial if you do it from a Windows base and next to impossible from Linux.