Depends on whether or not your Xbox is currently working or not. If you can connect with the FTP client, chances are that you can indeed restore the Xbox. However, if you can't boot to a dashboard and/or your Xbox displays an error code at boot, then you cannot restore via FTP.
What exactly is hot swap? And I do have an xbox with FTP capabilities, and I can connect, how would I go about restoring it to factory defaults via FTP?