The reason I got a dual rig in the first place this time.... Was to do video encoding. I too got frustrated with my single CPU system and I had an XP1700+ Thoroughbred A, on a KT333 system.
I decided to go and pickup an MSI K7D-L motherboard, and a second XP1700+.
One thing I found is that going dullie is not as easy as some people would like to think. The system throws off a ton of heat. I'm running my system overclocked, and to keep the racket down I went with H20 cooling, totaly worth it if you want a silent computer.
My other recommendations is getting a RAID setup, currently I'm running a promise fast track TX4 on a 66mhz PCI bus slot, with 2x7200rpm Maxtor Diamond Max plus HD's.
Over all my dullie is about 80-100% faster than my single CPU system for video encoding, compared to my single CPU. You will give up some gaming performance with the MPX setups, but not enough it should bother you (I just upgraded my video card to solve that problem)
I bought my mobo refurbed for $159, a second CPU for $67 all the rest I owned, so for about $225 you can cut your render times in half.