It will work. Seen it done a thousand times (well, maybe not a thouasand, but a substantial amount) Alot of people have been doing things like this, and it seems that the Conroe will do exactly the same, only, it will be alot more powerful to begin with.
I've got a Celeron D 335 upto 3.6Ghz, and i've seen 5Ghz frm a frenchie.
Good luck with this project, and i might be interested in that GFX card of yours, how much you asking?
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By the way, i'll happily bench against you when you're done for some comparisons if need be
