A lot of if's here.
I assume that the PC in question is a name brand such as a Dell, HP or Gateway.
If so, if you read the Windows OEM license agreement in detail, I believe that you will find that the OEM license for the specific copy of Windows is limited to the original purchaser of the PC and is non-transferable.
Further, for the product key on the COA to function, the Windows 2000 CD that you use needs to be from the same distribution lot as the original system CD.
Different service pack levels and different OEM's have different sets of "valid" product keys associated with them.
Bottom line, read the Windows EULA carefully.
I suspect that it is not legitimate to install Windows 2000 using the OEM license key on the COA sticker on a used PC.
As I understand it, technically, you cannot sell a used PC that has an operational OEM copy of Windows installed.
Now, if you can verify that the COA and license are for a retail distribution of Windows 2000, the rules are different.
I believe however, that for a valid transfer, you need the CD, Manual, and COA.
Chas