Legacy 1.2 Disk Reformats Dos 4.01 to XP

For whatever reason, my DOS 4.01 will not reformat 1.2 mb diskettes - 5-1/4" floppies. If I pull that drive from my 286 and put a USB adapter on it along with a 4 prong power cable from another system's power source, will XP be able to get the job done? Or won't that recognize 1.2 drives? Also, I don't think this can be done, but can I bulk erase the 1.2 disks with a magnet, then reformat? It seems to have failed on a 360k 5-1/4 disk. Thanks..... PS will 286 clone PC's be worth anything one day? Last time I checked a working B&W television from the late 1940s to 50s, Admiral or Halicrafter for example, were going around $700. Driven  by scarcity.