Hi deadmeat,
I've been doing video editing for 4 years now, since PII-266. In my opinion, dual processors is fairly useless, since programs such as Premiere doesn't really take advantage of the processors. Photoshop is another matter. Video editing is strictly rendering, the more CPU power, the faster it will render.
950 is MORE than adquate to perform your task. I'm using P3-550. The secret lies within the capture card you have, and the preference you set.
I've used Pinnacle DC30+ (analog), DV300 (firewire), and Canopus DVRaptor (firewire).
Of the three, only DVRaptor has onboard hardware condec, enabling the rendering process to be blazing fast! Otherwise, 30 hrs of video, with normal amount of effects applied to it, should be around 5 hrs. (average for me w/ DVraptor: 5 min video = 12 min rendering time, average for me w/ Pinnacle cards: 5 min video = 20 - 25 min rendering time).
Let me know what program and capture card you are using, we can go from there.