I don't think that there is an easy way do this. HP does have a package called ignite-ux that can be used to clone systems. It can make a bootable recovery tape and this tape can be booted on another system and used to completely install the OS. I have done this and it works, even if the user interface is a bit clunky. But I have been scanning the docs and I see no support for bootable CD's. Still this might be a starting point.
If you have ignite, it would be in /opt/ignite. If that is not there, you can download ignite for free from
this page.