I'd have to support what everyone else has suggested here.
A Tualatin cored PIII or Celeron would be your best bet.
I've had both of these and not only are they fairly powerful, they're also pretty easily overclocked.
At one time, I had a Celeron from this final core running at 1.6 GHz (and it greatly outperformed a comparably clocked P4 in everything except memory bandwidth).
If you hunt for one, you should still be able to find dual processor boards for the Tualatin PIII.
But remember, not all Tualatins support multi-processor operation.
Still, if you hunt down the right components, a dual processor system with two 1.2 to 1.4 GHz PIII should still be able to run most modern applications competitively.