Is that 40gb a typo? Maybe 400gb? I don't think the 2mb vs 8mb cache will not really be an issue, but that's a very small drive (40gb) which means it's very old (and slow). HTPC's are generally less sensitive to HD speed than a desktop, but that is a really old drive.
One of the HTPC sites I browse occasionallly did a test of an SSD vs a standard hard drive. Their conclusion was that an SSD is wasted in an HTPC as the boot drive due to the relatively low read/writes. Most of the action is sustained and sequential reads and writes on the data/media drive(s).