Cineform on Laptop vs new Desktop Build

Hi there,
I have a Dell XPS 15 laptop with CS 5.5 that I currently use for video editing DSLR and AVCHD footage (specs below). I've been considering building a semi-portable desktop for editing (made a thread here about it a while ago) but I'm still debating the financial impact of that route.
There used to be a program offered by Cineform (NeoScene?) that would transcode H264 video to a more editable AVI with 4:4:4 chroma for $100. I can't seem to find that program now so perhaps things have changed now.
Anyway, the question: Would it be more cost effective to purchase Cineform and set up my laptop more so for video editing; static pagefile, etc. OR would I still see so much better superior performance from building a $1500 or so  i72600k-based solution that I would just be wasting my time and money?
Laptop Specs
Dell XPS 15 L501
i7 740Qm at 1.7GHz
6 gigs RAM
GeForce 435M (unlocked for Mercury Engine) (believe it has 2 gigs of ram, not sure)
500GB HDD for OS and programs
640GB HDD for Media, Projects, etc.
One eSATA/USB combo
(2) USB 3
1366x768 display
1920x1080 monitor via HDMI
I used my laptop for a 13 minute short film this Spring, using mostly Premiere and AE. It worked, but there were some moments when things would go slowly and getting smooth playback was always an issue. But overall, it was tolerable.
I will be working on a much more involved film this next semester, anywhere from 30 to an hour in length. Will scaling up the size of the project have a severe impact on performance?
Thanks much,
Kristofor

Actually, I just found NeoScene still seems to be available...it shows up when one Google searches "Cineform" but I still can't figure out how someone could navigate to the product page from the site itself; it seems to have been removed from the Product Grid. So, who knows?
I actually meant 4:2:2, not 4:4:4 The latter is more than I need at this point.
One thing I forgot to clarify in my original post; I'm planning on still keeping my laptop. My hope was to be able to separate out my everyday tasks (schoolwork, netflix, youtube, games, etc) and video editing/audio/graphics work. I would still keep my laptop as a mobile editing solution for smaller projects. After all, Adobe lets us have two installs so I'd want to take advantage of that, eh?
Unfortunately, it looks less and less likely that I will be able to justify the expense this summer. Perhaps in the winter I will be able to use part of my movie's budget for a system build, but that's pure speculation at this point.
Thanks for the suggestions guys!
Kristofor

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