The new receiver will work with your mouse.
You will want the Intellipoint software. From Microsoft, even though it's from 2007-
IntelliPoint software enables you to customize the unique features of your Microsoft® mouse to fit your needs. With IntelliPoint mouse software, you can reassign each mouse button—including the wheel button—to perform a command or keyboard shortcut, like Undo, Close, or an application-specific function. You can also modify mouse settings, such as pointer speed and updated horizontal scrolling. IntelliPoint 6.1 even offers biometrics support for advanced identity management. If you have a Bluetooth mouse or keyboard, you will need to have Windows XP with Service Pack 2 installed.