I had several friends steer me towards ASUS and so far so good. I have the P4P800 deluxe. It came with several features which I have actually used and alot that I have not.
It came with a 10/100/1000 onboard networking, nice feature but have yet to use it (1000 Mbps that is).
It came with ASUS smart overclocking AI, I am running at a very stable 20% O/C and have ran at 30%(briefly for benchmarking)
It has on onboard RAID controller, I am using that but according to a few bench marks it is lagging in performance.
It has 2 SATA HDD connectors that can be a RAID 0 if you choose, have no SATA HDD yet but again nice feature.
It came with an Intel 865PE chipset which is just under the Intel 875 chipset in performance. This chipset was supposed to be able to use the latest Prescotts but a few tests have found it can't
Of course it has an AGP and a plethera of PCI slots as well.
As for will you be able to do this? I think that you should.
You should be able to use you dell CPU with no problem if it is a P4. Also your old PSU should be adequate, hell look at the little form factors and their 200W PSU. Your memory will work if it is DDR but if it is PC133 you are out of luck. As far as which P4 for O/Cing, they all are about the same. Most O/Cing is done by the MoBo so that is where the easy part comes in. My 2.6 P4 runs at 3.1 on air cooling and a 5% O/C was fine on stock air cooling. A snag you may run into is any MoBo lack of a video card. If you are heavy into gaming a nice video card is a must but if you are just an internet surfer a cheap video card would suffice.