Well, it would be big enough. Since the 754 3400 is also 2.2ghz, but most important 1mb L2 cache. But on the other side, the 3200 is socket 939 with dual channel memory. Dual channel memory is great. Socket 939 is also great, since it has more pins. But it also runs at the same frequencey as 754, while running faster and cooler.
Personally, i would get the 939 with a 3200 winchester. I have heard nothing but great things about the 3200 winchester.
Finished With TF.