freeview pci card is bout 20 quid for a decent one and freeview box for tv is bout 40 quid for a decent one, like you have point out you get a PVR if you go for pci but system resorces are being hammered.
do you still have that 2500xp ? i know your P4 would handle it as a pvr and pc.
personal opinion is you get a freeview box, keep things seperate