Hello CM Mate I don' think you are going to make that CPU speed mate as the CPU support on that boards site http://www.ecs.com.tw/ECSWebSite/Product/Product_Detail.aspx?DetailID=719&MenuID=1&LanID=0
only lists up to that 2.93Ghz dual core the Intel Core 2 Extreme X6800 (B2) now having spent a bit of time rehashing such machines some of these older cores can be quite hard to find and expensive at that I recently tried to find Q5500 quad and it was more than a current i7!
Personally that E4700 looks the go for what you want.
Can you load up a few of the machines specs too mate as it would be good to see what you currently have CPU, RAM, and drive wise too.
Plus going to larger and better things you might have to look at testing the PSU to see if it will cope!
But specs first ok?
The BIOS and stuff can be sorted once the hardware is sorted.