Yeah, that processor should work fine. Not alot different than what you are running in it now.
For those that don't have this board...and for those who have it and may not know.
These are my griefs with it.
It has a great NB cooler on it but you have to take it off and put some kind of thermal past on it as they never come with more than a spec on it. The board layout is horrible. The primary IDE, secondary IDE, Floppy, and 20 pin power conection are all side by side making it very hard to hook up ANY cables to them. The CMOS reset is under to the bottom PCI slot making it a pain to move the jumper if you need too. You can't change the voltage of the chipset, but you have good control over most other things. OH...you will have a hard time getting RAM voltage to higher levels. You have to set it as high as you can go in the bios and then use the software included to increase it further...but it works to get you up there arround 3.0 volts. The bios will let you go to 2.8, I believe. SATA connections 3&4 are locked so they don't screw up a Sata Raid when overclocking but 1&2 are not. There is one of them locks you have to press to release the video card and if you have a big card like a 6800 with a NV5 cooler on it you will have a terrible time removing or installing your vid card. I have to use a LONG skinny screw driver to press it and I can't see it.
So there is alot of gripes with this board, but it works and it's cheap. It has newer features for an AGP based board. As long as I use SATA 3&4, this is the first board I have had that hasn't given me trouble with a SATA raid setup. It seems to take any kind of memory and even cheap memory seems to work well on it...nice timings and speeds. MSI boards all have the nice live update that will update your bios for you.