What software exactly ?
In theory it should be no problem to do it.
You need the installation CD(s) as well as the master floppy with the license. If you cannot retrieve the license file from the Toshiba (because the floppy drive is defective), then you may have to "reset" the license on the master floppy. This involves using the EVReset utility and making a phonecall to Rockwell Automation.
Your problem may be that the PG720 is too old and slow.
The later versions had 32MB and Windows 95. It may be just enough to run your Rockwell software, but without knowing the kind of software and version and what version the PG720 is, I can not guarantee it.