Not at all. Definitely run those two cards in SLI, because the 8800GS while in x4 mode, the bottleneck will be minimal, if at all (if the motherboard is PCIe 2.0, think of it as PCIe 1.0 x8 mode).
Go for it!
EDIT: The P5K is not a SLI-enabled board.
EDIT 2: Sorry, misread again. You're using a P5K not a P45 (was looking at your sig). I'm not sure that you'll be able to use SLI.

EDIT: The P5K is not a SLI-enabled board.
EDIT 2: Sorry, misread again. You're using a P5K not a P45 (was looking at your sig). I'm not sure that you'll be able to use SLI.