No this will not work.

In any backup image, there is a list of the tablespace in the image as well
as a lait of the tablespaces in the db.

Your newdb database will never have heard of the userspace1 and moreover,
the list of tablespace existing in the image will not match the one in the
db.

DB2 uses, as well as the entries in the catalog tables, a file known as the
table space descriptors to track who and what belongs to whom and where for
its tablespaces.

What you need to do is:
1) restore the userspce1 tablespace of 05/03 in to either the sample db or a
restored test copy of it.
2) rollforward the userspace1 tblspc as far as the time you require or end
of logs, whichever comes first.
3) Use db2look to extract the ddl for each of the tables in the tablespace.
4) Use db2move to extract the actual data for each of the tables.
5) Run the output of db2look in step 3 against the the newdb.  You'll have
to edit that output file so that db name and containers of tablespace are
acceptable.
6) Run db2move in load mode to load the data that you extracted in step 4.

Once finished you should be all right.
HTH,  Pierre.