Best Mac for my money...

I'm currently using a Mac Pro 1,1.
Processor  2 x 2.66 GHz Dual-Core Intel Xeon
Memory  16 GB 667 MHz DDR2 FB-DIMM
Graphics  ATI Radeon HD 5770 1024 MB & a GeForce 8800 GT
Storage 3 1.5 TB 7200rpm disks (not raided, honestly don't know much about RAID...) and 1 2TB Time Machine HD
Running Lion.
I also own the first unibody 17inch MacBook Pro but suing FCP on it is like kicking myself in the face. It works but it's not fun, it's great for other stuff though.
It's a great machine, but it's obviously old and underpowered. FCX works but it's a slooooooow process doing much of anything in it. So I have a couple options right now given yesterdays updates, etc.
1) Buy a new Mac. So lets say I have between 2-4 grand to spend. Whats the best bang for my buck here? Can I keep my old Mac Pro and use it to cluster render? Do I get a new Mac Pro (I understand even the "new" ones are still old machines basically) or get a iMac or the newest Macbook Pro and an external monitor?
2) Upgrade the processor in my Mac Pro 1,1. I can get the Xeon 5365's for about 3-4 hundred on ebay. Hatter mentioned this might be a good thing despite having 3 or 4 local techs tell me I'm crazy to even consider it.
3) Just trudge along till a revamp of the Mac Pro comes out. I mean, I'm making it but time is money and I know I could be working faster than this, although I guess I don't really know how much faster a new Mac Pro will make FCX move.
I'd appreciate any feedback, you guys rock.

>one of the CS5 suites
Well, if the OP doesn't have $$ for a new computer, I doubt there is $$ for CS5 Production Premium, and certainly not CS5 Master Collection
As far as CS4... I really don't think it will run very well on that computer, since my previous computer was similar and would just barely run CS3
That computer is certainly not going to be able to edit HD video very well, if at all, and will be slow (see my 1st reply) even with SD video
I still think Premiere Elements is a better choice
And, to the OP
Read Harm on drive setup http://forums.adobe.com/thread/662972?tstart=0
- click the embedded picture in Harm's message to enlarge to reading size
- you need AT LEAST 2 drives for video editing, 3 is better
- some HD formats work better with (require) RAID
Read Hunt on Partitions http://forums.adobe.com/thread/650708?tstart=0
A link with many ideas about computer setup http://forums.adobe.com/thread/436215?tstart=0
And even more hardware discussion http://forums.adobe.com/community/premiere/hardware_forum
Read Bill Hunt on a file type as WRAPPER http://forums.adobe.com/thread/440037?tstart=0
What is a CODEC... a Primer http://forums.adobe.com/thread/546811?tstart=0
What CODEC is INSIDE that file? http://forums.adobe.com/thread/440037?tstart=0
Old or Used Software http://www.emsps.com/oldtools/ Or http://www.retrosoftware.com/
http://forums.adobe.com/message/1636890 warns about buying from eBay

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