No, that application was designed for OS 9 only. If the utility from Apple doesn't work, you could always try "Battery Amnesia", but I've never used it.

Also, you might want to try running 10.3, or 10.4 if you get just a bit more RAM. They're much more compatible OSes, and 10.3+ was something else that I found was a great help with that prohibitory sign problem.