A very nice feature was added to the SQL Management Studio with SQL Server 2005 Service Pack 2: The ability to generate scripts which are compatible with SQL Server 2000!
To enable this option, open the options dialog (Tools --> Options) and select the Scripting node on the left. Click on Script for server version and select either SQL Server 2000 or 2005.
Options dialog from the SQL Server Management Studio (click to enlarge)