Everybody's got their preferences but I'd go for the P4 for the 800 FSB and their OC capabilities which AMD is removing. Then, when you can afford it, buy a couple of 3200 sticks.
ASUS make very decent boards and this one is dual DDR compliant if I'm not mistaken.
My gaming machine:
P4 2.8 GHz
2 X 512 MHz PC3200 in dual DDR mode
Intel D865PERL MOBO
integrated 6.1 MAX audio
Logitech duo MX mouse and KB
ATI RADEON 9800 PRO