Faces: Yes, though you need to hex edit headshapes for them to show up properly. More info on that can be found
here in the Wiki.
Jerseys: No. The number format is different, so conversion is required.
Courts: Certain files, specifically the XXXXcrt.ebo, XXXXcrt.fsh and XXXXcrt_vram.fsh files (where XXXX is the four letter team abbreviation, eg chic for the Chicago Bulls)
Screens: Kind of. They'll show up, but there may be errors and certain screens may be inaccessible. It's better to extract the textures using BigGui and importing them into the NBA Live 2005 files. Some filenames are also different and won't be recognised.
Portraits: Yes, for the most part. Every now and then I'll come across a portrait update for NBA Live 08 that crashes in NBA Live 2005. Extracting the texture and importing it to an NBA Live 2005 portrait file generally resolves the problem.