Rebuilding HTPC need your thoughts

[divinehammer]

I have been running GBPVR for years, recently my Cable company switched over to QAM and so I bought a new TV tuner card to ready that. In looking at my old P4 system I decided I should try to upgrade The hardware with some newer stuff I have in the closet. I want to rebuild my system either with this newish hardware or brand new hardware. The only purpose for this system is to be my HTPC so it is a dedicated system. Let me know what you think would be best.

Currently I have an MSI mobo K8N Neo Platinum (AMD 939) with 2GB of Ram and a Geforce 3 video card and a Hauppauge HVR1150 PCi card installed. I need to get a new OS installed however I am not sure Windows 7 32 bit will work well on this old hardware so I am looking to get winxp sp3.

Now my other option I am looking into is buying this all in one mobo and some Ram and install windows 7 to it.
http://www.newegg.com/Product/Product.as...6813131697

THis gives me a small problem in that I will probably have to install an old 8800GTS card in order to get svideo to feed my old TV.
What do you think about the power of this new mobo and running NextPVR on top of windows 7? Will it be enough?
Going the route of new hardware may allow me to send this TV Tuner card back also and get a better one if there is one out there.
Do you have any other suggestions for MicroATX boards that I can run? Anyways looking for feedback and I appreciate the replies.