Thanks useful information: 
Come to think of it No you canno trigger your 430EX in this way.
The optical sensors in Canons cameras only respond to the coded command pulses from the Master flash which has to be in the hot shoe of the camera. They arent like optical sensors in most studio strobes where they will detect any source of light and trigger themselves.
You could buy a generic optical sensor attached to a hot-shoe, place your 430 in the hot shoe and that should have you firing both flashes.
Or you need to place the 580 in the hot shoe of the camera, set its flash to off (it wont affect the exposure) and buy another 430 so you have two off camera lights.
Or buy a really long ETTL cord (connects to hot shoe on camera) so you can mount your master flash off camera.
There are rumours that it CAN be done. The following is from http://www.fredmiranda.com
"PW can trigger the master 580 in manual mode with the Ratio turned on. if you leave the 430 in ETTL mode, it will be triggered by the 580, and you can adjust the manual power outputs of the master group (A)and the slave groups from the 580.
Two things to look out for in such setup:
1) The 580EX II's PC port is disable in master mode, so a hot shoe adapter is needed to connect to the PW.
2) The sync speed is limited to 1/125. "
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