Yeah, bu it will do.
Besides it isnt what the processor does that counts its how the OS addresses it. Its pretty pointless talking about the speed of chips when the bus isnt capable of a decent through-put.
I've been running a p4 2.4 for ages now on a 533FSB and there is plenty of power there for all sorts. I've never had a problem with either pentium or AMD.
Get a decent chip and then get a UAD card and a decent soundcard with good convertors...
;)