Yes you are right, but depending on which socket type for the P4, you will have to choose between the different chipsets.
I know that you want a P4, but if you plan to do any gaming, you should consider AMD.
Then again, seeing as you are an RC Monster Truck driver, you may plan to be doing video editing, if you DO plan to intense editing, then you should go with a P4.
If you plan to do a little editing, and mostly gaming, go with an AMD anyhow.
If you are going to spend less on a setup, then socket 478, and a 875 Chipset mobo.
If you are planning to spend more, go with a Socket LGA 775, and a 915 or higher chipset.
Yan
*Edit - Check my sig in a minute!!