I'm doing something quite similar-trying the get the most bang for the buck, so to say. I bought a used 3,1 single proc for $400. Basically, I want to use the 800Mhz of the 3,1 bus to overclock two 5350's over 4Ghz, hopefully to near 4.6, on water. Could return a Geekbench near 16k.
I've been designing and fabricating my own cooling solutions for the Northbridge, Southbridge, voltage regs, and FB-DIMMS. I'll also be water cooling the 5770 (an EK block), and my own PSU solution. The procs themselves will be mounted with Koolance 370's.
I've moved the two front fans to mount on the inside on the front panel (with round cut outs to increase the airflow- like the shaker buckets on a '79 Trans Am) to allow space to cool the V regs. The rear fan has been moved outside the case to the rear, and I've almost finished fabricating a new RAM cage to support the DIMM water blocks. .
I'll use my 1,1's 5770 to start but will upgrade hopefully to one of the new Sapphire 7950's at a later date.
I got a pair of 5460's (to use after trying to max OC the 5350's) for $275 on eBay. I expect they will be stable in the 4-4.1 Ghz range.
So with the sapphire card it will be a little over 1K. Find me a 4,1 or 5,1 for less than $2500 that will Geekbench 16k!
I've got the case plumbed with two 5/8" inflow/outflow ports. Critical systems and motherboard points will have temperatures (including EWT and LWT) monitored with DS18S20's. A relay on a PCIe card will control the pumps. And I'm pretty sure I'm gonna have to expand the geothermal loop used to cool the water.
So keep me apprised of your work, and feel free to ask any questions you may have, cause I may have already worked thru the problem, from those irritating screw sizes to temp sensors.
But I think your on to something. The 3,1 has held strong against the 4 & 5, especially on the price/performance comparison.
Drrbc