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theoretically it should do :)
although, php 5.0.4 has been tempremental with a lot of modules.. not because of the module being buggy, but because of the apparent bugs present in PHP 5.0.4 itself (and a few other versions) I would advise you to use the latest possible version of PHP 5 as you can.. 5.2.1 being preferable. PHP.net recommends immediate upgrades anyway.
in particular i found with 5.0.4 when you use $this->getVar() inside of a $myts then 5.0.4 can error out.
in those cases i found that chaning the $this->getVar to a string 1st, then including it in the myts worked..
ie.
$myts = MyTextSanitizer::getInstance();
$ret = $myts->formatForML($this->getVar('conf_value', 'N'));
return $ret;
the above does not seem to work correctly with php 5.0.4
so to make work i found that changing the $this-getVar() to a string value solved the error.
for example the above code will then become >
$myts = MyTextSanitizer::getInstance();
$conf = $this->getVar('conf_value', 'N');
$ret = $myts->formatForML($conf);
return $ret;
you see above, i created $conf with the $this->getVar() and then used $conf in the $myts.. which then works..
i never did find out why though, but so far i've only found PHP 5.0.4 to have the above issues.. which is why i recommend to use the latest php 5 versions.
your host should upgrade anyway if they are a good host for the security benefits alone..