It doesn't take much bandwidth to max out a 200 MHz box, throw in CP with RADIUS and it's even worse. A 1 GHz is probably 8-10 times faster at least, network throughput-wise. I'd stick with the PE 350.
One thing I've heard of with CP causing boxes to be dragged down to their knees is users with worms who aren't authenticated to CP. Hence every time the worm tries to get out to the Internet, it launches PHP for CP. Given the insane rate most of that type of stuff tends to spread, it gets out of hand very quickly.
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