You can do something very like it using software.
Apple Network Assistant is one such program, but this solution likely requires ethernet and obviously the software itself. ANA will, however, allow screen sharing and various other forms of remote access and control. Slick program, works well, and works seamlessly once you have it set up right. You might look at early versions of ANA to see if they would work over localtalk, which is of course all you have stock on either of your two machines, as well as what the system requirements are. Version 3.5 works on a Quadra or higher, so would run fine on a 5300, but requires ethernet on at least the main machine; I can't remember if the client can be networked via localtalk or not, but the manuals are online at apple.com.
Timbuktu is another option, and does similar things, but I have no experience of it. There may well be others.