The purshace of a new computer should not be centered around the use of Project 64, what else are you planning on using it for? Since I am on an AMD system and only have had little experince with the PIV processor series I can not make that decision for you.
It is indeed more expensive then the AMD counterpart, the XP2000+ which runs as 1.67ghz, give or take a couple of megahertz, but performance should be equal. The essence of the new AMD marketing campain is that a XP2000+ has equal or better performance then a PIV 2.0ghz.
Keep in mind that the new Intel PIV processor series(Northwood core) has great overclocking potential. URL=http://www.anandtech.com]Anandtech[/URL] made a benchmark the other day, comparing a PIV overclocked to 3.0ghz, I do not remember the stock speed, where it swept it competitors of it´s feet, including all AMD processors. The PIV processor is not a competive CPU on low clock speeds, the more you can afford the better.
Afaik there are no problems with the PIV processor tied directly to Project 64, the problem lies within the CPU, it is not using it´s full potential on lower clock speeds. If you intend to overclock it, you should now that Intel systems has fixed multipliers, only the FSB(Front Side Bus) can be changed where AMD systems has a non fixed FSB and multiplier, you can change it to whatever you want as long as it can cope. Depending on what PCI and AGP dividers your motherboard has changing the FSB to uneven speeds could cause instability.
Before buying anything read up on the subject, so that you know exactly what you are buying, and make your decision later on.