No, that's not possible. You're replacing the text I386, which consists of 4 characters, so you can only replace it with something that's 4 characters as well.
Which hardware are we talking about (brands, types and drivers?) Could you post your hardware ID's here, so we can try to pinpoint your problem? (You can use the tool from this post to determine them.)
Both IE and OE should work when run as a normal user. For tips and pointer about running as a non-admin read Aaron Margosis' WebLog. He 'specializes' in running things as a non-admin.
If you just want the default boot disks, you can download them from this site. If you want to create a boot folder for use on a multi-boot CD, try BootFolder.exe.
It is mentioned on that page, but there is an error in that information: This states that you can use the OSLoadOptionsVar entry to set DEP settings during unattended installation. The only problem is that they state that it should be in [Data] while it should be in [setupData]. This article on Microsoft Technet specifies the different settings you can provide.
You can write some custom code which is able to do so, but you could also take a look at something like TQF Event Log Explorer. I don't have any personal experience with it, but its description fits what you're looking for.