Boot core2 duo imac from macbook in target disk mode?

Is it possible to put my macbook pro into target disk mode and connect it via firewire 800 to an imac core 2 duo. Then boot the imac while holding down the option key and boot the drive from the macbook pro. This would esentially allow me to be able to use the imac as if it were my own computer but just a little more powerful and a much bigger screen. and if this were possible would i be able to still use my bluetooth keyboard and mouse or would i have to set that up again with the new bluetooth card in the imac (assuming that the imac's hardware all becomes available to the drive in the macbook as if it were it's own.). I am sorry if this post is a little confusing or misplaced. Please dont flame me if it is.

I know it is a bit redundant to reply to myself but,
The whole reason for the imac idea is because i want to be able to view my monitor on a bigger screen. I dont have any other monitors and I need to display a video to several people for a one time deal. If i could stream my desktop to another computer at 30 fps that would also solve my problem. But currently screen share is a bit to choppy and VLC's Screen:// command crashed VLC on every mac i have tried.